Lakehouse plc Update on trading (2033Y)
August 17 2018 - 9:24AM
UK Regulatory
TIDMLAKE
RNS Number : 2033Y
Lakehouse plc
17 August 2018
17 August 2018
Lakehouse plc
("Lakehouse" or the "Group")
Lakehouse Contracts Limited and Foster Property Maintenance
Limited
Update on trading
Lakehouse, the asset and energy support services group, today
announced the completion of the disposal of its Construction and
Property Services divisions, comprising the legal entities
Lakehouse Contracts Limited and Foster Property Maintenance Limited
("the Business").
As highlighted in the Group's interim announcement of 26 June
2018, it has been the Board's strategic intention to exit from
Construction and Property Services and, at that time, heads of
agreement had been signed for the sale of those activities. The
Group has now concluded negotiations and the Business is being
acquired by Mapps Group Limited, a newly formed entity backed by a
team of sector specialists.
The consideration for the sale of the Business ("the Sale") will
comprise an initial payment of up to GBP0.5 million, determined by
certain performance conditions during the six months following
Completion. The parties will also work together over the 24 months
following the Sale to collect working capital sums outstanding at
Completion, which will be for the Group's account, subject to
settling any pre-Completion liabilities. Dependent on the
performance of the Business in the two years to 30 September 2021,
the Group will receive a further sum of up to GBP1 million. The
Group does not currently envisage any change to the impairment
charge outlined in the interim announcement of 26 June 2018, but
will review this figure as part of the preparation of its results
for the year ending 30 September 2018, in light of any of the above
events materialising up to the date of announcement.
The Business employs 236 staff and is based principally in
Brentwood (Essex), Wisbech (Cambridgeshire) and Norwich (Norfolk).
In the financial year ended 30 September 2017, the Business
reported underlying revenues from continuing activities of GBP108.8
million and underlying EBITA of GBP0.3 million. The Business is
expected to be reported within discontinued activities in the
Group's results for the year ended 30 September 2018.
The Sale will allow the Group to concentrate on its core growth
businesses of Compliance and Energy Services divisions, both of
which are sector specialists, with profitable and cash generative
business models. Any proceeds from the Sale will be used to support
future growth plans.
Trading from continuing operations for the year ending 30
September 2018 is currently expected to remain in line with the
Board's expectations.
Bob Holt, Executive Chairman of Lakehouse, said:
"I am delighted with the sale, which will allow the Group to
focus on its Compliance and Energy Services activities. Both are
businesses where we have strong market positions, which help
underpin more predictable and profitable revenue streams.
I believe that Lakehouse Contracts and Foster under the private
ownership of Mapps Group will do well.
I want to thank the staff of Lakehouse Contracts and Foster for
their professionalism during what has been an uncertain time and
wish them all the best for the future."
Enquiries
Lakehouse Financial Public Relations
Bob Holt, Chairman, 07778 798816 Camarco
Michael McMahon, Chief Operating Ginny Pulbrook
Officer
Jeremy Simpson, Chief Financial Officer Tom Huddart
Telephone: 020 3961 5210 Telephone: 020 3757
4992
Stockdale Securities
Andy Crossley
Antonio Bossi
Telephone: 020 7601 6100
Notes to editors
Lakehouse is a leading compliance and energy support services
group that performs critical functions in homes, public and
commercial buildings, with a focus on clients in the UK public
sector and regulated markets. Services are delivered through two
divisions: Compliance and Energy Services.
The Group was founded in 1988 and is headquartered in London. It
currently employs some 2,000 staff from 23 offices across the
UK.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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