Rok is "losing value by the hour" says one building group chief executive

Tesco Underwriting has already passed new claims to other building groups following the failure of building group Rok, reports the FT.

In October, Rok was chosen by insurer Ageas and Tesco Underwriting to provide building repair, claims management and validation services to Tesco Underwriting customers.

Construction companies are reportedly approaching private sector clients of Rok in a bid to snatch contracts before administrators PricewaterhouseCoopers sell off the business.

One building group chief executive told the FT: "Some of Rok's customers cannot afford tp jave half finished jobs with no one turning up to work, so we are getting our people in to take up where they left off."

"The business is losing value by the hour as people try and grab contracts where work has stopped," he added.