Wisbech company Foster Property Maintenance set for investment boost as owner Lakehouse embarks on £30m flotation

PUBLISHED: 10:14 05 February 2015 | UPDATED: 10:14 05 February 2015

Sean Birrane chief executive officer  Stuart Black executive chairman  Jeremy Simpson chief financial officer

Sean Birrane chief executive officer Stuart Black executive chairman Jeremy Simpson chief financial officer

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Wisbech-based Foster Property Maintenance could be on course for an investment boost after its parent company announced plans to float on the London Stock Market.

Lakehouse hopes to raise £30m through the initial public offering (IPO), which it will use to mount further growth by expanding into new markets, cross-selling to existing customers and snapping up new firms.

The company – which employs 1,250 people and provides local authorities with asset and energy services – will hand each of its staff £200 in shares as part of the listing.

It comes as it revealed a number of senior appointments, including Chris Geoghegan as a senior independent non-executive director, and Jill Ainscough and Johnathan Ford as non-executive directors.

Foster Property Maintenance, which offers services to public sector housing, was bought by Lakehouse in October 2013.

Stuart Black, executive chairman of Lakehouse, said: “We are delighted to be pursuing a potential listing on the main market and believe that this is the right time for the business to do so.

“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 directors and senior management team, who have extensive experience and expertise in the support services and energy sectors, will be very much aligned to the interests of all stakeholders and the planned future success of the group.”

The operating group’s revenues grew from £151.5m in the year ending September 30 2012 to £345.2m in the year ending September 30 2014.

Adjusted EBITA grew from £5.4m to £21.9m, with the adjusted EBITA margin increasing from 3.6pc to 6.3pc over the same period.

Its current order book sits at about £503m, with a pipeline of sales opportunities exceeding £2.6bn.

Foster Property Maintenance was set up in 1976 as Foster Industrial Protection. It has offices in Norwich, Great Yarmouth and Grantham.

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