Mears boss Bob Holt to help turnaround Lakehouse

Grant Prior 9 years ago
Share

Lakehouse is drafting in Bob Holt to try and turnaround the company’s fortunes.

Holt was the driving force behind rival Mears and is still non-executive chairman of the company.

Lakehouse has faced a tumultuous year of profits warnings, boardroom coups and senior management changes.

The company said: “The Board believes that the Group requires experienced executive leadership to navigate the business through the current challenging market conditions whilst also setting a clear strategic direction for the Group over the medium term.

“The Board of Lakehouse believes that Mr Holt’s expertise and background in the support services industry, in particular his knowledge, considerable experience of and reputation in the sector in which the Company’s principal business operates and his track record of turning around underperforming companies, will be invaluable to the Group going forward.”

Lakehouse will ask shareholders to agree Holt’s appointment as Executive Chairman at a meeting next month.

Holt will continue in his current role at Mears and will be paid £225,000 a year by Lakehouse in salary and consultancy fees.

Holt will also receive 2,307,692 Lakehouse share on joining and a bonus share pot worth more than £4m if the company passes a share price target of 98.4p by January 2019.

The company’s current share price is 23.5p having floated last year at 89p.

Robert Legget, Senior Independent Non-Executive Director and Acting Chairman of the Remuneration Committee of Lakehouse said: “We are delighted that we have attracted a very senior candidate of the calibre of Bob Holt.

“He is a sector specialist, has a proven track record of operational expertise and is expected to be key to helping Lakehouse restore value to our shareholders.

“We are confident shareholders will recognise his potential positive contribution and support his appointment.”

Holt said:  “I’m delighted to be joining the Board of Lakehouse and believe that my experience in the areas in which the Group operates will be of benefit.

“The Board is committed to return significant shareholder value and I look forward to working with the team to deliver that strategy.”

 

Latest news

Tilbury Douglas boosts margin to 2.1% as profits double

Firm targets 3.5% margin by 2029 under new business plan
60 minutes ago

Delayed £2bn estate rebuild back on as Berkeley signs deal

Birmingham council development agreement paves way for 2028 Ladywood start
36 minutes ago

Three arrested in Blu-3 and Mace bribery probe

Serious fraud office swoops over alleged £3m bribes to former Mace associates
12 hours ago

Subbies battle for fastest bricklayer title

Winchmore management team go back on the tools
26 minutes ago

Scotland’s most complex A9 dualling job heads to market

Market testing starts for £205m Pitlochry to Killiecrankie 6.4km upgrade
11 hours ago

Unite signs £390m student beds JV with Manchester Met

Construction at Cambridge Halls site to start next year
3 hours ago

Turkish contractor Limak to build new Luton Town stadium

Construction to start this summer on 25,000-seater venue
21 hours ago

Kitchen fitter crushed to death by concrete blocks

House builder goes into liquidation before court case
3 hours ago

Mears clinches £230m renewal for key Milton Keynes housing deal

Housing upkeep contractor achieves 100% renewal rate in bust rebid period
4 hours ago

Murphy on board at new £32m rail station

Construction to start next year at Golborne station
19 hours ago

HS2 engineers finish UK’s heaviest bridge slide early

A46 Kenilworth Bypass reopens 30 hours earlier than planned
19 hours ago

Bowmer + Kirkland to build £190m Oxford science scheme

Work to start at end of next month on 180,000 sq ft Fabrica scheme
1 day ago

New BAM leisure centre pool springs a leak

Contractor investigating "technical issues" delaying new £36m green leisure centre
2 days ago

United Living lands £250m HyNet pipeline deal

Firm wins deal to design and build over 34km of pipework to collect CO2
1 day ago

Hydrogen diggers get green light to use roads

JCB hails historic decision for advance of hydrogen-fuelled plant on sites
1 day ago

Go-ahead for McAleer & Rushe Glasgow student job

£100m funding deal paves way for 591-bed student tower
1 day ago

Fly-tippers to get their vehicles crushed

Drones will be used to identify cowboy construction waste operators
1 day ago

Green light for £150m West End office revamp

Shaftesbury Avenue office retrofit retains 75% of original building
2 days ago

Morgan Sindall lands £30m Brunswick Wharf scheme in Bideford

North Devon waterside project will provide 100 flats
2 days ago

Former Keltbray managers jailed after corruption trial

Jail sentences following bribery probe on jobs including Battersea Power Station
3 days ago

Lidl pumps £500m into store and logistics expansion

Discounter plans 40 new stores this year as expansion ramps up
2 days ago

JJ Rhatigan UK profit jumps as turnover tops £150m

Irish contractor's expansion in England gathers pace
2 days ago

Driverless digger to be used on Taylor Woodrow site

Autonomous excavator to work at Manchester Airport after successful trial
2 days ago

MCS Build lands Basingstoke warehouse scheme

Construction starts this month after £26m funding deal
2 days ago

Leeds United unveil stadium revamp design

Club has still to set a timeframe for staged Elland Road upgrade
2 days ago

Bowmer & Kirkland boosts margins as profits surge to £69m

Revenue nudges up towards £1.3bn in year of expansion
3 days ago

Offshore construction starts on £4bn windfarm

Foundations for first of 95 turbines installed: Watch video
3 days ago

AECOM buys civils consultant Allen Gordon

Global giant acquires Scottish water and energy specialist
3 days ago

Plans in for £1bn Northern Gateway site in Manchester

Plan for 500-acre manufacturing and logistic park advance
3 days ago

RED wins £31m London Shoreditch student digs job

Two extra floors will be added to Willen House scheme
3 days ago

Contractor services