Contractors expands into Midands with acquisition of building and maintenance firm
ROK has acquired Midlands-based SOL Construction for up to £21m.
Rok will initially pay £19m for SOL’s parent Barkbury Holdings, which could rise to £21m depending on SOL’s financial performance for the year ended 31 March 2008.
SOL's housebuilding division, SOL Homes, will not be part of the transaction and will continue to trade as SOL Homes.
Rok chief executive Garvis Snook said: “This acquisition will enable us to extend our operations in the Midlands as we pursue our vision of being The Nation's Local Builder."
Adrian Whiteside, managing director of SOL, said: “We are pleased to be joining Rok and to be part of their ambitious expansion plans, which involve us playing a major role in the planned growth of their operations in the Midlands.”
SOL has 413 staff and has offices in Nottingham and Warwick.
SOL is expected to report a pre-tax profit of £2.8m for the year ended 31 March 2007. Pre-tax profit was £2.8m for the year ended 31 March 2006 and net assets on completion will be £7m.