…as services firm Lakehouse joins rush to float
CONSTRUCTION and services group Lakehouse is launching an IPO and aims to list on the main London market in March.
The Romford-based company plans to raise £30m from the offer of new shares to institutional investors.
The company added that it would use the funds generated by the listing to “support the continued growth of the group including potential bolt-on acquisitions where suitable opportunities are identified”.
It is also planning to increase market share and cross-selling, alongside expansion into “complementary markets and geographies”.
The company, which reported revenue of £345.2m in 2014, is focused on the social housing, education and sustainability markets, with around 97 per cent of revenues derived from clients in the public sector and regulated markets.
Stuart Black, the company’s executive chairman, said: “Lakehouse has a strong financial and operational track record, strong client relationships and a focused strategy designed to exploit the growth opportunities in the market places in which we operate.
The team from Peel Hunt have been appointed to act as sponsor, financial adviser, sole bookrunner and broker to the Lakehouse throughout the listings process.