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Sat September 25 2021

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Lakehouse completes construction exit

20 Aug 18 Lakehouse has completed the sale of its construction and property services divisions, comprising the legal entities Lakehouse Contracts Limited and Foster Property Maintenance Limited.

The businesses have been bought for an initial £500,000 by Mapps Group, a newly established company owned by Jared Sullivan a York-based racehorse owner who founded the construction recruitment business Potensis in 2000. He resigned as a director Potensis in January 2017 after it was taken over by Irish investors FL Partners.

Mr Sullivan has also registered Mapps Construction, Mapps Maintenance and Mapps Resourcing as limited companies.

Lakehouse announced its intention to quit construction in June. Depending on how the acquired businesses perform in the two years to 30th September 2021, Mapps will pay Lakehouse an additional sum of up to £1m.

Mapps has bought a business that employs 236 staff and is based principally in Brentwood, Wisbech and Norwich.   In the financial year ended 30th September 2017, it reported underlying revenues from continuing activities of £108.8m and underlying profit before tax, interest and amortisation (Ebita) of £300,000. 

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 sServices 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.”

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