Sureserve chairman Bob Holt makes sudden exit

Aaron Morby 3 years ago

Maintenance and gas services compliance contractor Sureserve has announced chairman Bob Holt is stepping down with immediate effect.

Holt leaves suddenly just before Sureserve AGM
Holt leaves suddenly just before Sureserve AGM

He leaves after nearly five years at the business having turned it around from the then Lakehouse maintenance business which had been struggling with losses.

Sureserve was created following the sale of the former Lakehouse core construction and property services operations for £500,000 in October 2018.

Robert Legget, Senior Independent Director, said: “Bob is leaving Sureserve having successfully completed its turnaround, delivering a very strong financial performance and overseeing a 125% recovery in Sureserve’s share price since he was recruited in July 2016. 

“At the time of him joining the group, Sureserve had bank debt of £47m and the share price had seriously underperformed, trading as low as 25p, significantly under the group’s listing price of 89p in March 2015.

“Since then, Bob has returned the company to sustained profitability and made some strategic disposals, resulting in a highly successful and well-focussed group in attractive market segments underpinned by regulatory drivers.”

Last month Sureserve unveiled a 46% hike in pre-tax profit to £7.8m despite Covid-19 impacting revenue in the year to September.

At the time Holt said Sureserve now had a solid platform for further growth, underpinned by its focus on regulatory-driven sustainable revenues and targeting growth both organically and through acquisition.

Legget added: “On behalf of all stakeholders, we thank Bob for his tremendous contribution to Sureserve and his success in transforming the business. He leaves us with our best wishes, having made an indelible and positive mark on Sureserve and having deservedly enhanced his reputation as a successful business leader.

“Sureserve is now ready to develop and execute its growth strategy, which will be a very exciting time for all of us.”

Latest news

McLaren gets green light for 45-storey Leeds tower

Landmark Wellington Square scheme will see 464 flats built with 360,000 sq ft of offices
2 days ago

Heavy rain causes 1.9% construction output fall

Hopes remain undampened of a resi-led recovery this summer
2 days ago

Taziker restruture to return to profitability after £1.2m loss

Founders bought the business back from private equity after last year's loss
2 days ago

£220m London wharf homes scheme approved

285 homes to be built beside protected Albert and Swedish Wharves in Wandsworth
2 days ago

Major project veteran named civils director for Sizewell C

David Speight previously worked on Hinkley, Heathrow and HS2 client teams
2 days ago

Morgan Sindall lands £19m Milton Keynes hospital job

Crane lifts to be carefully co-ordinated to ensure air ambulance remains active
3 days ago

Clancy bolsters civils leadership team

Daniel Tonkin and Simon Hyams join as operation directors of water and infrastructure
3 days ago

Balfour names new project boss for HS2’s super-hub station

Steve O’Sullivan replaces Nigel Russell who was promoted to CEO of Balfour's HS2 ops
3 days ago

Buckingham Group supply chain hit doubles to £256m

Total owed to unsecured creditors soars as surety providers finalise claims
3 days ago

Builders demand an end to police plant bans

Call to suspend all embargoes on moving mobile cranes and large site kit
3 days ago

Green light for £65m Blackpool multiversity campus

Education campus of 350,000 sq ft will be delivered in phases
3 days ago

Vinci signs £138m Sheffield steel forge expansion deal

Sheffield Forgemasters signs landmark contract after two years of pre-construction works
4 days ago

McAlpine hires HS2 programme boss to head defence arm

Armed forces logistics expert Mike Hickson takes role as MD of defence
4 days ago

£200m carbon capture plan for Deeside site

Energy from waste operator enfinium looking to invest in North Wales plant
3 days ago

McAleer & Rushe promotes five staff to contracts directors

Design and build contractor targets £500m revenue next year
4 days ago

Consultant quartet win Government estate upgrade deal

Government Property Agency selects Arcadis, Tetra Tech, AtkinsRéalis and McBains
4 days ago

Resi towers pioneer to transform Liverpool site

Beetham founder Hugh Frost to help develop 1,200 new homes
5 days ago

Construction Manager of the Year crowned

Galliford Try's Barry Kingscote wins coveted prize: Full list of winners
4 days ago

Landsec £250m London terraced office job approved

Skanska tipped for 20-storey Hill House scheme near Fleet Street
5 days ago

Lendlease tops March contracts league

BAM and ISG rank third with big contract wins
4 days ago

Vistry strikes deal with Homes England for 1,000 units

Firm's timber frames factory will supply most of the Midlands houses
4 days ago

Morgan Sindall go-ahead to build 23-storey Salford resi job

Funding deal with CBRE allows latest project on bank of River Irwell to proceed
5 days ago

Unite Students gains planning for London and Bristol schemes

RG Group will build landmark Stratford tower and Freestone Island projects
5 days ago

Rolls-Royce gets go-ahead for 1.1m sq ft expansion in Derby

Major expansion of Raynesway campus planned to met submarine fleet orders
5 days ago

GMI Construction edges back into profit

A year of controlled consolidation helped generate £0.9m profit but cash at bank dropped to £10m
5 days ago

Balfour gets final sign-off for HMP Highland at £209m

Deal struck for delayed Inverness prison after costs rocket
6 days ago

Renew buys bridge maintenance business

Contractor boosts highways division with £5m acquisition
5 days ago

HS2 tests market for £150m mass transit job

2.4km long elevated Automated People Mover to go out to tender in 2026
5 days ago

Cardo completes fourth acquisition in a year

Expanding Welsh building maintenance specialist reaches £170m turnover
6 days ago

Watchdog clears Heidelberg takeover of Mick George

Four quarries and five ready-mix operations to be sold to meet competition concerns
6 days ago

Contractor services