Contractor set to fund £31m acquistion of Scottish buildings services group through share issue
Contractor ROK looks to acquire Tulloch Construction Group after entering into a conditional agreement with the Scottish building services group. The £31.3m acquisition is to be funded through the issue of shares.
In the year ended 31 December 2005 Tulloch Construction Group’s generated turnover was £107m and operating profit was £3.3m and Rok directors believe that, with its strong local presence in Scotland, Tulloch will fit well with its existing operations.
The acquisition is expected to be completed on 3 October and David Sutherland, the executive chairman of Tulloch Ltd, has agreed to join the board of Rok as a non-executive director on completion.