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Monday, October 09, 2023

Rok announces major Scottish acquisition for 31.3m

Rok has agreed to acquire Tulloch Construction, a privately owned and long established building and related services group with a strong brand and reputation in Scotland.

The 31.3m acquisition is in line with Rok's strategy of becoming known as the Nation's Local Builder with plans to have a presence in most of the UK's major towns and cities through a combination of organic growth and acquisition. Completion of the acquisition is expected early next week when David Sutherland CBE, Chairman of Tulloch Construction, will join the Rok Board as a non executive director.

Some 875 people in Tulloch Construction's offices in Inverness, Thurso, Glasgow, Edinburgh, Tain, Elgin, Oban, Nairn and Fort William will transfer to Rok. George Fraser, head of Tulloch Construction, will become Rok's Managing Director in Scotland.

Rok has been active in Central Scotland for some years from a successful base in Glasgow but will gain considerable strength from acquiring Tulloch Construction which had a turnover of 107m and a normalised operating profit of 4.2m in the year ended 31 December 2005.

Rok Chief Executive Garvis Snook said today: "Tulloch Construction, with its strong presence in Scotland, is exactly the type of respected, community-minded builder that fits the Rok model. We're delighted to welcome Tulloch to the Rok family and in particular David Sutherland, with his wealth of experience and relationships in Scotland."

David Sutherland said: "This is good news for the employees and customers of Tulloch Construction. Rok is an excellent fit for us and we see potential for exciting growth ahead. Linking of the Rok name with Tulloch will send positive signals to our customers and I look forward to working with Rok to achieve the significant benefits that should follow from combining these businesses."

The parent company, Tulloch Ltd, is not included in the deal but will be taking a significant shareholding in Rok plc. The deal will see Tulloch's construction, civil engineering and building services divisions, which are part of Tulloch Construction, transfer to Rok.

Tulloch Ltd, in which David Sutherland's family has the controlling interest, will retain ownership of Tulloch Homes, which has 170 employees and a 60m turnover, plus a series of joint venture property development and housing companies. Tulloch Ltd will continue to have its HQ in Inverness.


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