World Fuel Services Europe has bought Orchard from Lakehouse for £12.4m representing an estimated gain on book value of £5m for the vendor.
“The sale of Orchard, a white collar business, will allow the group to concentrate on its operatives-focused activities within its compliance and energy services divisions,” Lakehouse said. It will also help reduce debt.
In the year to 30th September 2016, Orchard reported a turnover of £6.3m and profit before tax of £2.5m.
Meanwhile, Lakehouse’s energy services division has won its first contract under the Excel energy efficiency framework, a £4m award from Renfrewshire council for external fabric improvements.
Lakehouse has also secured a place on a £44m housing improvements framework with Aberdeenshire Council. Work will include external upgrades, internal refurbishments, domestic heating programmes and renewable energy installations up until late 2021.