The board of Lakehouse has signed agreements to sell its construction and property services and instead turn its focus on energy services and compliance.
A buyer has already been found and whilst not being revealed, is described as “a team of sector specialists”.
Amongst the sections of the business being sold is the acquired business of Fosters.
In the six months to 31st March 2018 the construction and property services divisions made a loss of £11.8m on revenues of £41.3m The associated cash outflow for the period was £9.8m. At 31st March 2018, assets held for sale were £24.1m and liabilities held for sale were £24.2m.
Property services returned to “operational stability, if not profitability” but construction was hit by project delays.
Chairman Bob Holt stated “I am pleased to report a good set of results for the period from our continuing businesses: Compliance and Energy Services. It was our strategic intention to exit from construction and property services and I am delighted to announce today that we have signed heads of agreement to sell those activities,” Holt added. “The businesses, which comprise the original Lakehouse core activities plus the acquired business Fosters, are being acquired by a team of sector specialists and I believe that without the constraints of a Plc environment, they will be successful.”
