ROK to make 160 workers redundant at troubled plumbers
Sunday 15 August 2010
Listed construction group Rok is set to make more than 150 people redundant as a result of financial problems at the England division of its plumbing, heating and electrical business.
Rok's chief executive, Garvis Snook, suspended its finance director, Ashley Martin, last week over accounting problems in the division. So far this year, 80 people have been made redundant, with that number again expected to follow. Mr Snook said: "I'm angry, upset and very disappointed that this has happened, that such a small part of the [4,000-employee] group has caused such a major problem. I'm confident that the rest of the group and overall strategy is working well."
Mr Martin was not the only high-profile FTSE casualty last week. James Hussey, the chief executive at banknote printer De La Rue, left last after problems at its plant in Hampshire.
Rok reports interim results this week, though all eyes will be on Resolution. The insurance consolidator reports its half-year figures on Wednesday, with an update expected on the integration of its June purchase of UK life business of Axa. Insurance news dominated the City on Friday, when it emerged that Aviva had rejected an approach for its general insurance business from RSA last month. The business is thought to be worth up to £5bn.
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