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Lakehouse sells construction business
Asset and energy support services company Lakehouse has completed the sale of its construction and property services business.
A newly-formed company called Mapps Group has bought the business, which includes Lakehouse Foster Property Maintenance, for an initial payment of £500,000.
Lakehouse announced that it had struck a deal to sell the business two months ago, but had not previously named the buyer.
It is part of a plan to rescue the wider group, which has been in financial difficulty since it issued two profit warnings in 2016.
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The company eventually returned to profit in 2017.
In an update to the stock market, Lakehouse said that it would work with Mapps over the next two years to collect any working capital sums still outstanding.
Dependent on the performance of the business, in the two years to September 2021, Lakehouse could also be due another £1m from Mapps.
Following the sale, the firm intends to focus on its compliance and energy services divisions, which it says are profitable and generate cash.
Bob Holt, executive chairman of Lakehouse, said: “I am delighted with the sale, which will allow the group to focus on its compliance and energy services activities. Both are businesses where we have strong market positions, which help underpin more predictable and profitable revenue streams.
“I believe that Lakehouse Contracts and Foster [Property Maintenance] under the private ownership of Mapps Group will do well.”
