Lakehouse is holding an initial public offering next month and applying for admission to the main market of the London Stock Exchange.
The proposed gross proceeds of £30m will be used to support growth and further acquisitions.
Lakehouse is 48% owned by philanthropist Steve Rawlings (above), who began his career as an apprentice roofer with two O-levels. He founded Lakehouse in 1988 and after making his fortune he set up Building Lives in 2010 as a social enterprise to train young people in construction. “I felt it was time to give something back,” he says, and describes Building Lives as now his primary focus. He is no longer on the board of Lakehouse.
Lakehouse’s revenues grew from £151.5m in the year ended 30th September 2012 to £345.2m in the year ended 30th September 2014, putting it 55th in The Construction Index rankings of the UK’s Top 100 construction companies for the year. Its current order book is £503m.
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Lakehouse specialises in regeneration, construction, energy services and compliance, and primarily operates in the social housing, education and public buildings sectors. Some 97% of its business is from clients in the public sector and regulated markets. Since 2008, Lakehouse has made five acquisitions: K&T Heating, Allied Protection, Foster Property Maintenance, Everwarm and H20 Nationwide.
Executive chairman Stuart Black said: "We are delighted to be pursuing a potential listing on the Main Market and believe that this is the right time for the business to do so. Lakehouse has a strong financial and operational track record, strong client relationships and a focused strategy designed to exploit the growth opportunities in the market places in which we operate. The directors and senior management team, who have extensive experience and expertise in the support services and energy sectors, will be very much aligned to the interests of all stakeholders and the planned future success of the group."
The IPO will comprise an offer of new shares by the company and an offer of existing shares by certain founders, directors, senior managers and employees.
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