Sureserve chairman Bob Holt makes sudden exit

Aaron Morby 2 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.”

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