Rok plc, the building, maintenance and development company, announced today that it had acquired SOL Construction which has offices in Nottingham and Warwick. Rok operates from a network of offices in major towns and cities across the UK including Birmingham.
Founded in 1967, SOL provides construction, building and maintenance services – planned and response – to a wide range of customers across the Midlands. It employs 413 staff, of whom 251 are trades people working for the maintenance division. SOL’s housebuilding division, SOL Homes, does not form part of this transaction and will continue to trade separately as SOL Homes Ltd.
On completion of the deal, Rok will pay £19.0m, £4.0m of which will be in Rok shares. Further consideration of up to £2.0m is payable dependent on the financial performance of SOL for the year to 31 March 2008. In the year ended 31 March 2006 the divisions of SOL being bought by Rok reported pre-tax profits of £2.8m and are expected to report pre-tax profits of £2.7m for the year ended 31 March 2007. Net assets of SOL on completion will be £7.0m which includes £7.0m of free cash.