SCOTT Group, already one of the UK's biggest wooden pallet makers, is targeting a near doubling of turnover to £150 million as it further diversifies the business.

The sales goal, which the Fife-based firm hopes to achieve within the next three years, came as a fresh multi-million-pound acquisition was unveiled.

The takeover of ROK Holdings, which comprises a commercial property arm and a tools and engineering supplies business, marks the 26th deal since Scott Group's owners - brothers John and Norman Scott - embarked on a UK-wide expansion drive. Group turnover currently stands at about £85m.

Following the takeover of ROK Holdings, which was owned by Stirlingshire entrepreneur John Quinn, more than 50 buildings on Springkerse Industrial Estate will transfer to Scott Properties - a separate venture started by the brothers two years ago.

Meanwhile, the tools and equipment business - Fas-Co - will fall under the auspices of the main Scott Group, which Quinn is joining.

The deal value was not disclosed, but the Fas-Co arm boasts a turnover of about £10m.

John Scott, managing director of Scott Group, said he expected that figure to rise rapidly.

"This complements our own business very well," he added. "We have within the group about 3,000 customers and most of them will use the products that Fas-co sells, so we can go about cross selling tools, industrial fasteners and health and safety equipment.

"Early indications point to a very significant growth pattern. We are expecting Fas-Co to be a £20m turnover business within a very short time."

Fas-Co, which employs around 60 staff, has recently consolidated its offices, workforce and distribution centre and now operates out of purpose-built premises in Grangemouth.

Scott said the group had other "selective acquisitions" in the pipeline, and was confident these, together with strong organic growth, would take the company to that £150m target.

As well as pallet manufacturing and supply, the firm - formerly Scott Timber Group - has diversified into packaging and timber importing. It also recently brought a Derby-based business which specialises in pallet recovery across Europe.

Norman Scott described the acquisition of the commercial properties as a "long-term investment".

Previously, Scott Properties consisted of a £6m portfolio covering Bristol, Huntingdon, Cambridge and Grimsby.

Scott said: "The properties [at Springkerse] are all fully let reflecting the demand for good-quality premises of which there is a shortage in the area.

"John and I embarked on buying properties two years ago and this marks our first deal in Scotland. As we live in the area, we know it very well and we see this as a long-term investment."