25 jobs lost as Fife firm goes into administration

The collapse of a long established Fife company will be felt in its community, the local MP has said.
By The Newsroom
Published 14th Aug 2018, 13:50 BST
Updated 14th Aug 2018, 16:03 BST
Thistle Industrial Estate, CowdenbeathThistle Industrial Estate, Cowdenbeath
Thistle Industrial Estate, Cowdenbeath

Structural steel fabricator, Rippin, based in Cowdenbeath, hit cash flow problems as a result of a drop in orders, and went into administration with the loss of 25 jobs.

Blair Nimmo and Alistair McAlinden of KPMG LLP were appointed as joint administrators on Monday.

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Lesley Laird, MP for Cowdenbeath and Kirkcaldy, said: “This is very disappointing news and my thoughts go out to affected staff and their families.

“Rippin Ltd was not only a leading steel fabrication firm, it’s been an integral part of Cowdenbeath’s community for over four decades and its loss will be felt very keenly.

“The firm has pledged to offer a full range of support to employees at this difficult time and that, I’m sure, will be welcomed.”

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The west Fife firm was established in 1974 and operated across Scotland and the north of England providing services to the UK construction industry.

But, in recent months Rippin Limited had experienced cash flow difficulties due to a significant downturn in orders as well as customers withholding payment as a result of contractual disputes.

The Joint Administrators are now working through a wind down of the company’s operations as they seek offers for the principal assets comprising stock and plant equipment.

Blair Nimmo, KPMG’s global head of restructuring, said: “In light of challenging trading conditions and significant cash flow difficulties, Rippin was unable to continue trading.

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“This, unfortunately, resulted in the redundancies which have been announced today. We will be working with all affected employees and the relevant government agencies to ensure the full range of support is available.

“We will also be exploring the possibility of securing a sale of the company’s assets and would encourage any interested parties to contact us as soon as possible.”

Related topics:FifeKirkcaldy