Rok buys Richardson Projects for £40.5m

Rok has acquired family-owned northern regional contractor Richardson Projects for £40.5m just days before new Capital Gains Tax rates come into force.

Richardson, which specialises in new build and refurb of social housing, operates in Greater Manchester, Lancashire, Cheshire, Merseyside, North Derbyshire and Yorkshire.   

Richardson made a pre-tax profit of £4.2m for the year ended 31 August 2007, of which £0.6m came from its private housing operation. It employs over 350 staff in offices in Rochdale and Leeds.   

Its founder and chairman Alan Richardson stays with the business for at least six months to oversee its transition into Rok. 

Meanwhile its private housing development division will be wound down over the next two years.

Commenting on the deal, Garvis Snook, Chief Executive of Rok said: “ Richardson’s team with its substantial pool of skilled trades people, will extend our service to the social housing market. The transaction will also enable Richardson to provide the resources and expertise to its existing and potential customers that come from being part of a major national group.”