拢80m in Rok contracts sold off to company run by former Multiplex directors, saving 40 jobs
London-based contractor Primus will more than double in size after picking up about 拢80m of contracts from collapsed firm Rok.
Primus, led by Martin Tidd, who in his former role as UK MD of Multiplex oversaw much of the work on the troubled construction of Wembley Stadium, last week finalised a deal to buy the contracts, and 40 Rok staff, for less than 拢1m.
Tidd said he has been in contact with Rok鈥檚 administrators, PwC, over the contracts since Rok鈥檚 collapse in November last year.
e said: 鈥淭his will more than double our current turnover, taking us to around 拢70m this year and possibly around 拢90m in 2012. We鈥檝e been looking for a regional business to buy - we had a look at Verry and Haymills, but they weren鈥檛 right.
鈥淭here are a very good bunch of guys here, and it鈥檚 a shame they got brought down by the demise of the rest of Rok.鈥�
Tidd said the purchase of the contracts would expand Primus鈥檚 reach outside London into the Home Counties and south coast, and also give it several public sector contracts. He added that most of the clients had already agreed to novate the contracts to Primus.
The contracts, from Rok鈥檚 London and South-east business, are separate from the South-east housing contracts sold to Mansell for 拢7m in the week after Rok鈥檚 collapse. The deal will mean Primus takes on Rok鈥檚 Heathrow office.
Primus was set up three years ago by a number of former directors of Multiplex, now Brookfield. It turned over 拢25m in 2008 but this fell to 拢16.5m in 2009, the most recent year for which accounts are available.
An industry source said: 鈥淭hat looks like a really good bit of business. They鈥檝e done well to keep it under wraps.鈥�
The news comes as Mears this week confirmed it had spent 拢1.5m buying up contracts from Rok in the Bristol area. Contractor ISG has also taken on 拢100m of former Rok contracts in Scotland.
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