`

Everwarm & Lakehouse In Landmark Merger

22/04/2014

Everwarm & Lakehouse In Landmark Merger

SCOTLAND’S FASTEST GROWING BUSINESS*
IN LANDMARK MERGER

Bathgate-based energy services firm, Everwarm, ties up with award-winning Lakehouse group to expand growth in England and Scotland 

 

Scotland’s fastest growing business*, energy services firm, Everwarm, has today announced a landmark merger with Lakehouse, an award-winning construction and support services group.

 
 

Based in Bathgate, West Lothian, in just three years Everwarm has grown from an ambitious start-up into a business turning over almost £50 million, installing energy products such as cavity wall insulation, air source heat pumps, loft insulation and solar panels.

Since 2011, the business has installed carbon-saving measures in more than 45,000 homes and businesses across the UK.

The merger with Lakehouse will see Everwarm become part of a major construction and property services group which operates in both England and Scotland.

 

Everwarm currently employs 250 staff in its offices in Bathgate in West Lothian and Bedford in the east of England.  It provides services acrossheating, insulation, energy efficiency, renewables and micro-generation.

The business joins the Lakehouse group through an all share deal, with the merger taking place debt free.  Everwarm will become an integrated part of the group, though the brand will continue to trade under its current name in Scotland.  Lakehouse’s total headcount will rise to approximately 1,200.

The deal marks the fourth business to successfully join the Lakehouse group since 2011, and opens up opportunities for Everwarm to grow its energy services business in England and offer Lakehouse’s property services to its clients in Scotland.

Michael McMahon, managing director of Everwarm, said:

Our merger with Lakehouse is the result of a year-long search for a suitable partner.  Rather than a corporate investor, we were looking to join with a business that would allow us to diversify our range of services and help us build on our success to date.  We have found a like-minded partner in Lakehouse and joining the group will allow us to offer more to our clients.

From our base in Scotland, we have rapidly built expertise by delivering funding and installations across more than 45,000 properties in just three years.  We often act as a strategic partner to large landlords and local authorities to help them source funding and deliver on their energy efficiency obligations.  Now, we look forward to growing our English operation within the Lakehouse group and bringing a wider asset management offer to clients in Scotland.  This will include the introduction of new build housing, construction, gas repair and maintenance and facility management related services across Scotland.


Stuart Black, executive chairman of Lakehouse, said:

Sustainability is a fundamental plank of our business and we’ll be drawing on Everwarm’s impressive delivery record in Scotland to expand our retrofit division.  There are huge opportunities in London and south east England – a domestic market which is remarkably immature in terms of retrofit and energy efficiency.” 

The merger will allow Lakehouse and Everwarm to leverage each other’s strengths and service offerings across the areas we cover.  We share a culture of aspiration, entrepreneurship and flexibility in delivery, and this deal opens up new opportunities both for us and our clients.” 

In the last financial year – only its third year of trading – Everwarm recorded a turnover of £46 million and pre-tax profits of £6 million

Lakehouse is one of the UK’s fastest growing property services companies, working across construction, regeneration and refurbishment, development, repairs and maintenance, sustainability and fire and gas compliance.  Lakehouse specialises in the social housing, education and public buildings sectors, with a large proportion of the business concentrating on major long-term framework contracts with local authorities and housing providers. 

In 2013, Lakehouse was named Contractor of the Year at the Building Awards and Responsible Business of the Year at the Business in the Community Awards. 

Lakehouse last week announced another year of successful growth with turnover rising 24 per cent from £153.7 million to £190.6 million in 2012/13.  Profit before tax increased 48 per cent, rising from £4.8 million to £7.1 million.   

The addition of Everwarm to the Lakehouse group follows three recent acquisitions: K&T Heating Services, a gas servicing, installation and compliance business, in 2011; Allied Protection, a West Sussex-based fire safety and compliance specialist, in 2012; and East-Anglia based Foster Property Maintenance, a contractor and property services company working in the affordable housing and public property sectors,in October 2013.

* Fastest Growing Business based on Personal Best FAST 50 SCOTLAND Results March 2013 Read More

 

 

Find out more about Lakehouse at www.lakehouse.co.uk