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Lakehouse plc (SUR)

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Thursday 17 May, 2018

Lakehouse plc

Acquisition of Just Energy Solutions Ltd

RNS Number : 3595O
Lakehouse plc
17 May 2018
 

PRESS RELEASE

 

17 May 2018

 

 

Lakehouse plc

 

("Lakehouse" or the "Group")

 

Acquisition of Just Energy Solutions Ltd

 

Lakehouse, the asset and energy support services group, is pleased to announce the acquisition of the entire share capital of Just Energy Solutions Ltd ("JES" or "the business").  JES is a private sector heating and renewables specialist, providing services for large energy companies, retailers and private householders.  The business is headed by Managing Director, Neil Ring and based in St Albans.

 

JES complements the current activities of the Group's three Gas compliance businesses, which together provide national coverage with public sector clients.  The business also bridges to our smart metering operations in Providor, which employs 300 engineers in the private sector.  JES offers the Group an important strategic adjacency in taking our activities further into the Industrial and Commercial and domestic markets.

 

The business was founded in 2011 by Neil and Alan Ring and is based in St Albans.  Whilst JES has a national footprint, the focus of its operations is in the home counties and working with Lakehouse, the aim will be to expand its geographic presence in private sector gas and renewables.  JES is also the country's leading provide of solar buyback services, as recently covered in the Financial Times on 5 April, which offers additional opportunity for growth.  Following completion of the acquisition, Neil will continue as Managing Director and take responsibility for driving the strategy of the business in co-operation with the wider Lakehouse Group.

 

The acquisition represents a further step in Lakehouse's growth strategy as the Group continues to expand its geographic breadth and range of service offerings, with a focus on compliance and energy services.

 

An immediate focus will be to deliver procurement savings to JES through the Group's scale and buying strength, complimented through medium term top line growth.  With this in mind, the consideration has been structured as £nil payable on Completion and deferred sums based on the profitability of the business over the next two years.  JES has some 50 staff.

 

Michael McMahon, Chief Operating Office of Lakehouse, said:

"The acquisition of JES is another key development of the Group's strategy, outlined earlier this year.  Having recently secured Arbed 3 in Wales to expand our geographic reach and services to key strategic clients, JES offers us a further route into the private sector for compliance and energy services and a means of delivering procurement opportunities.  I look forward to working with Neil and his team in driving the business forward."

 

 



Neil Ring, Managing Director of Just Energy, said:

 

"We're thrilled to be joining Lakehouse, which will allow us to build on a successful period of strong and consistent growth. Combining our specialist skills with the Group's experience and client base means we are in the best position to bolster our presence in the compliance and energy markets, strengthening our existing relationships and extending our high levels of customer service across a widened geographical reach."

 

 

ENDS

 

Enquiries

Lakehouse

Financial Public Relations

Bob Holt, Chairman, 07778 798816

Camarco

Michael McMahon, Chief Operating Officer

Ginny Pulbrook

Jeremy Simpson, Chief Financial Officer

Tom Huddart

Telephone: 0203 961 5230

Telephone: 020 3757 4992



Stockdale Securities


Andy Crossley


Antonio Bossi


Telephone:  020 7601 6100


 

Notes to editors

Lakehouse is an asset and energy support services group that constructs, improves, maintains and provides services to homes, schools, public and commercial buildings with a focus on clients in the UK public sector and regulated markets. Services are delivered through four divisions: Compliance, Energy Services, Property Services and Construction.

The Group was founded in 1988 and is headquartered in Liverpool Street, London. It currently employs some 2,300 staff from 31 offices across the UK.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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