Saturday, October 26, 2013
The biggest social housing maintenance and repairs company in the Fens has been acquired by a London-based company with a £154m turnover.
Foster Property Maintenance has been bought by Lakehouse, which works for schools and local councils in London and the south east.
The move will improve Fosters’ headcount to more than 900 employees and give it the opportunity for sustainable growth in the future.
FPM managing director Steven Foster will remain with the company when ownership formally transfers underlying the importance of the family commitment to the firm for the last 37 years.
Mr Foster said: “We have similar clients and a strong mutual desire to deliver a best in class service for our customers.
“We are very excited about all the opportunities that working with Lakehouse will bring.”
He added: “We’ve experienced great success to date thanks to our loyal customers and dedicated staff but we know we can achieve much more as part of a larger organisation.”
The firm, which is holder of the 2012 Archant Anglia EDP Business Environment & Sustainability Award and was Fenland Enterprise Business of the Year 2012, also counts itself as a major player for apprenticeships.
This year, apprentice Ben Pooley was among shortlisted entrants for the Apprentice of the Year at our newspaper’s award ceremony.
Established in 1976, FPM is a family-run property services company that works in the affordable housing and public property sectors.
Among its clients are local authorities and social housing landlords across Cambridgeshire, Lincolnshire, Norfolk and Suffolk.
The acquisition will see FPM’s £50m business integrated into Lakehouse’s £154m enterprise.
It is the third business to be acquired by Lakehouse.
Foster Renewable Energies will remain as it is under the ownership of the Foster father and son team.
Earlier this year Lakehouse recorded a record 44% increase in revenue and a rise in pre tax profit of nearly 70% at the same time it announced its strategy to acquire complementary successful businesses.
Stuart Black, executive chairman at Lakehouse said: ““We’re thrilled to be able to incorporate a highly respected business into Lakehouse.
“FPM extends our geographic reach and strengthens our maintenance capability.
“We believe this is a further step to creating a larger more sustainable business and we’re very excited by the opportunity it creates.”
Lakehouse is an award winning construction support services provider which specialises in the social housing, education and public buildings sector.
Named contractor of the year at the Building Awards 2013, Lakehouse offers construction, regeneration and refurbishment, repairs and maintenance, sustainable energy, gas servicing and fire safety.