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Fri April 23 2021

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Lakehouse buys smart metering specialist

6 May 15 Lakehouse has bought smart metering specialist Providor for £4.75m.

Providor, which was founded in 1998, installs, maintains, services and repairs gas metering systems in domestic and commercial properties around the UK.

It operates from its head office in Newmarket, Suffolk, and employs 130 staff. Prior to the acquisition, Providor was owned principally by Philip and Amanda Wharrier and run by managing director, John Hall. Hall and the management team will remain with the business.

Providor will operate within the Lakehouse’s Energy Services division and complement Everwarm's existing work on the government’s smart metering implementation programme, which aims to install 53 million gas and electricity meters nationally over the next five years.

In the financial year ended 31 May 2014, Providor reported a turnover of £9m and a profit before taxation of £1.3m. It had gross assets of £3.5 million as at 31 May 2014. The smart metering implementation programme is expected to begin during 2016 and Lakehouse currently expects the transaction to be earnings-enhancing in its first full year.

Lakehouse executive chairman Stuart Black said: "Providor's specialist skills, client base and business infrastructure gives us a platform for capitalising on the growth opportunities from within the UK energy services industry.”

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