Rok plc
| Industry | Construction |
|---|---|
| Founded | 1939 |
| Defunct | 2010 |
| Fate | Administration |
| Successor | Balfour Beatty |
| Headquarters | Exeter, UK |
Key people | Stephen Pettit, (Chairman) Garvis Snook, (CEO) |
Number of employees | 4,000 (2010) |
Rok plc was a construction firm based in Exeter, United Kingdom. The company entered administration in 2010.
History
Established in 1939 under the name Exeter Building Contractors Ltd to undertake government projects during World War II, the business continued after the war as EBC Group, growing through the acquisition of smaller regional firms.[1]
In 1981, EBC Group was listed on the Unlisted Securities Market and subsequently joined the official London Stock Exchange in 1988. Its expansion into southern England was marked by opening offices in Eastleigh and Reading through acquisitions.[1]
The 1990s proved profitable for EBC, with strong earnings from both its contracting and property sectors. It benefited from projects funded by the National Lottery and embraced the private finance initiative approach.[2][3]
After Garvis Snook became CEO in 2000, the company underwent major restructuring. In 2001, it rebranded as Rok, adopting the tagline The Nation's Local Builder, signaling a new era of development.[4]
During the early 2000s, Rok expanded its footprint by acquiring several companies including Glasgow’s Retail Maintenance Services, Scottish contractor John Dickie Construction, and southern England’s Llewellyn Group. A £116 million takeover bid for competitor Galliford Try was declined in 2003.[1][5]
In September 2006, Rok purchased Inverness-based Tulloch Construction for £31.3 million, which added approximately 875 staff and enhanced its capabilities in engineering, plumbing, and electrical services. Later that year, a strategic reorganisation shifted focus away from large-scale contracts and resulted in several senior executives departing.[6][7] In subsequent years, Rok further broadened its service range by acquiring plumbing and electrical specialist Avonside Services for £16.5 million in 2007 and social housing contractor Richardson Projects for £40.5 million in 2008.[8][9]
The economic downturn during the Great Recession had a significant adverse effect on Rok’s financial results; turnover fell by roughly one-third in early 2009. In 2010, following a profit warning and suspension of its finance director over control issues, Rok shifted strategy to increase reliance on internal resources to reduce expenses.[10][11][12]
In November 2010, after announcing a £3.8 million loss for the first half of the year and carrying liabilities of £100 million owed to suppliers alongside a pension shortfall of £90 million, Rok entered administration.[13] Its affordable housing and construction segments were acquired by Balfour Beatty for £7 million and merged into their regional business unit Mansell, preserving employment for 381 staff members.[14] Meanwhile, a separate operation was established as Topcon under local management.[15]
References
- ↑ 1.0 1.1 1.2 Cite error: Invalid
<ref>tag; no text was provided for refs namedofficial history - ↑ "EBC GROUP ANNOUNCES 44% INCREASE IN PRE-TAX PROFITS". 29 March 1990.
- ↑ "EBC finds lottery ticket to success". 18 September 1997.
- ↑ "Nation's local builder Roks on with 54% operating profit rise". 14 August 2007.
- ↑ "Rok pursues Galliford despite rejection of £113m bid". 3 October 2003.
- ↑ "Highlands construction firm sold". 27 September 2006.
- ↑ "Restructure at Rok". 9 November 2006.
- ↑ "Rok buys Avonside". 5 October 2007.
- ↑ "Rok buys contractor". 11 April 2008.
- ↑ "Turnover drops at Rok". 28 August 2009.
- ↑ "Rok issues profit warning". 30 April 2010.
- ↑ "Rok on hunt for small M&E firm". 12 March 2010.
- ↑ "Rok enters administration". 8 November 2010.
- ↑ "Balfour buys Rok businesses for £7 million". 19 November 2010.
- ↑ "Rok arm resurrected by local management". 19 January 2011.
External links
- Official Website of Rok plc (Archived version available from 10 November 2010)
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- Defunct construction and civil engineering firms
- Construction and civil engineering firms in the United Kingdom
- Companies headquartered in Exeter
- British companies dissolved in 2010
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