Lakehouse selling construction and property services arms

Grant Prior 6 years ago
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Lakehouse is selling its loss-making construction and property services divisions.

The move was confirmed in the firm’s latest interim results as major restructuring continued following heavy losses in 2016.

It will leave Lakehouse with two operating divisions in compliance and energy services.

Results for the six months to March 2018 show construction and property services made a loss of £11.8m on revenues of £41.3m

Lakehouse said: “The period reflected a significant improvement in the performance of Property Services, which saw a pleasing return to operational stability, if not profitability. 

“Construction was impacted by a number of project delays, so whilst the business remained profitable at an underlying trading level, it performed below expectations in the period.”

Construction and property services will be sold to “a team of sector specialists” with a deal due to be finalised in the coming months.

Group pre-tax losses from Lakehouse’s continuing operations fell to £500,000 from £3.9m last time as revenue increased to £91m from £88m.

Chairman Bob Holt said: “As highlighted previously, it was our strategic intention to exit from Construction and Property Services and I am delighted to announce today that we have signed heads of agreement to sell those activities.

“The businesses, which comprise the original Lakehouse core activities plus the acquired business Fosters, are being acquired by a team of sector specialists and I believe that without the constraints of a Plc environment, they will be successful.”

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