Founder leads shareholder revolt at Lakehouse

Grant Prior 3 months ago

Shareholders in housing maintenance contractor Lakehouse are calling for directors of the company to be removed from the board room.

The revolt is being led by founder Steve Rawlings and Slater Investments Limited who own more than a 20% stake in the company between them.

Lakehouse has suffered a torrid time since it floated on the Stock Exchange 12 months ago.

Shareholders have seen the float price sink from 98p to just 40.75p at yesterday’s close.

Rawlings founded the company but stepped back after the float to spend more time running the training charity Building Lives.

Rawlings and Slater Investments have now called for a meeting of shareholders and a removal of the existing non-executive directors.

A Stock Exchange announcement said the investors propose that “the three current Non-executive Directors of the Company be removed from the Board of Directors of the Company, to be replaced by Steve Rawlings, Ric Piper and Robert Legget.

“As a consequence, if such resolutions are passed, all of the Company’s Non-executive Directors will have been proposed by the requisitionists.”

Lakehouse announced yesterday that chief executive Sean Birrane has resigned with chairman Stuart Black taking up the reigns.

Latest news

British Steel name returns as Tata seals £1 deal

Sale pf Long Products business to Greybull completed
22 mins ago

Skanska targets career breakers to ease skills shortages

Contractor offering 12-week retraining camp to attract people back to construction
49 mins ago

Balfour/Mott team smashes motorway resurfacing record

Traditional seven-night resurfacing job completed in two nights
49 mins ago

London now third most expensive city to build in

Capital only topped by Zurich and New York in terms of construction costs
7 hours ago

Bidders day for £160m London hospital upgrade

Springfield hospital housing scheme in south London to fund mental health facilities
16 mins ago

£60m Westminster City Hall refurb out to tender

Council calls up firms for 1960s high-rise HQ revamp
17 mins ago

Wates lands £60m Hammersmith Police Station refurb

Construction set to start in November on major revamp for the Met
16 hours ago

Telford Homes pipeline soars to £1.5bn

Telford Homes books record revenue and profit from London non-prime housing
14 mins ago

Sir Robert McAlpine racks up £52m loss

Losses prompt restructuring with construction set to return to profit this year
5 days ago

Summer safety update to make PQQ process simpler

Latest update to PAS 91 as battle continues to make prequals easier for contractors
18 hours ago

Amazon mega-shed approved for Tilbury

Green light for 2m sq ft distribution centre next to Port of Tilbury
20 hours ago

Telford Homes seals build to rent deal with M&G

Sale of site allows construction to start on 22-storey resi tower in East London
24 hours ago

Battle begins to be named best in construction

Nominations start rolling in for Construction Enquirer Awards: Enter now
24 hours ago

Casting starts for £130m film and TV centre builder

Mystery funder initiates procurement for new South Bank project in London
1 day ago

Race restarts for northern highways upkeep

Bid re-runs start for area 13 and 14 highways maintenance deals
24 hours ago

Veteran SES boss joins Interserve Engineering

Jim Marner leaves SES to head Interserve Engineering's north east arm
1 day ago

Mott jv wins £50m A96 dualling design

Design work will start next month on 29-mile western section of the A96
1 day ago

BAM Nuttall creates head of innovation role

Colin Evison takes up new role and seeks to boost technical team
2 days ago

Plans go in for £185m Manchester towers

Twin resi towers and office block planned next to Victoria Station
5 days ago

Baldwins facing legal action over Blackwall Tunnel chaos

Transport for London tries to reclaim cost of resurfacing road following leak from mobile crane
5 days ago

Green light for £400m Kingston town centre revamp

Construction to start on Eden Walk scheme in early 2017.
5 days ago

HGV drivers warned after road worker crushed by runaway vehicle

20-year-old crushed to death on A21 repair site after materials delivery goes horribly wrong
6 days ago

Contest starts for £15m Tameside Interchange

Transport for Greater Manchester expects to start work at the end of this year
5 days ago

Bouygues Development rebrands as Linkcity

Renamed UK development business starts with a £1.3bn portfolio of schemes
5 days ago

Kier wins £8m Gloucester bus station

Council hopes bus station will lead £60m development of the King's Quarter
5 days ago

Barratt & Segro confirmed for £3.5bn Meridian Water site

Massive new housing scheme will create 10,000 construction jobs
6 days ago

Kier starts £19m home for last Concorde

New Filton Airfield museum will tell the story of Bristol’s aerospace industry from 1910
6 days ago

Plans unveiled for London Elephant & Castle town centre

Ambitious high-rise scheme to replace famous pink shopping centre and London College of Communication
6 days ago

Henry Boot dismisses talk of construction slowdown

More doubts cast over Government stats as business booming at construction division
6 days ago

Balfour Beatty bags £130m M20 lorry park job

3,600-space lorry park to ease congestion from queueing lorries when cross-Channel transport is disrupted.
6 days ago