London-based builder Primus has bought around £80M of contracts from collapsed firm Rok for less than £1M.
The deal, finalised last week, will see Primus more than double in size and sees the London-listed firm take on the contracts and 40 Rok staff. It will also take over Rok’s Heathrow office.
Primus managing director Martin Tidd, who oversaw much of the troubled construction of Wembley Stadium in his former MD role at Multiplex, said he had been in contact with Rok’s administrators, PwC, since the firm’s collapse last November.
He explained that most of the clients have already agreed to novate their agreements to Primus, with the new deals extending the company’s reach beyond London into the Home Counties and south coast. He also said it would provide a number of public sector contracts.
“This will more than double our current turnover, taking us to around £70M this year and possibly around £90M in 2012. We’ve been looking for a regional business to buy – we had a look at Verry and Haymills, but they weren’t right,” he said.
“There are a very good bunch of guys here, and it’s a shame they got brought down by the demise of the rest of Rok.”
Primus has taken over the contracts from Rok’s London and south-east business ventures, which is separate to the £7M deal previously struck with Mansell the week after Rok’s collapse.