Lakehouse hits takeover trail as profits surge

Aaron Morby 8 years ago

Romford-based building maintenance specialist Lakehouse is looking for further takeover targets after a strong uplift in turnover and profits.

The acquisitive group managed to fend off downward pressure on margins in the maintenance sector to deliver a near 50% pre-tax profit rise to £7.1m on turnover up 24% at £190m.

Stuart Black, executive chairman, said: “This strong record means our long-term outlook is very positive, with a strong order book and tender success rate, as well as ambitious plans for further growth of the business.”

The latest results for the year to September 2013, exclude a strategic takeover of £35m turnover East Anglia-based Foster Property Maintenance just after its year-end in October.

This took the Lakehouse into East Anglia from its more traditional London base.

This deal followed Lakehouse’s successful purchase and integration of K&T Heating Services in October 2011 and fire protection specialist Allied Protection in November 2012.

Excluding the impact of its acquisitions in 2012/13, Lakehouse’s turnover grew by 20%, doubling operating profits.
Over this period staff numbers rose by 25% to 900.

Lakehouse now boasts a strong line-up of framework deals, helping to create a platform for further growth.

Lakehouse frameworks

  • London Borough of Camden – seven-year Better Homes framework
  • Hackney Homes – four-year repairs and maintenance framework
  • Peabody – 10-year Quality Homes framework
  • L&Q – internal refurbishment framework
  • Hyde Housing Association – stock investment framework
  • Royal Borough of Greenwich – sole contractor construction framework
  • London Borough of Lewisham – pupil places four-year education framework
  • London Borough of Barking and Dagenham – four-year construction and social housing framework

Black added: “In current market conditions, to again report increased turnover, increased profit and very low debt levels despite our ambitious acquisition strategy, demonstrates the strength and consistency of our business’ performance.”

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