We are delighted to announce that Lakehouse has acquired Foster Property Maintenance (FPM) in a deal which will give us a significant presence across the East of England.
East Anglia-based FPM is a property services company working in the affordable housing and public property sectors for local authorities and other housing providers in Cambridgeshire, Lincolnshire, Norfolk and Suffolk. The acquisition will see FPM’s £50 million business integrated into Lakehouse’s existing operations and will boost our staff numbers to more than 900.
FPM’s Managing Director, Steven Foster, will remain with the company when ownership formally transfers to Lakehouse, underlining the importance of the family’s involvement in the business they founded in 1976 and Lakehouse’s commitment to working with the existing management team.
The acquisition follows the successful purchase and integration of K&T Heating Services in October 2011 and Allied Protection, a fire detection and alarm systems provider, in November 2012.
Earlier this year we announced a record 44 per cent increase in revenue and a rise in pre-tax profit of nearly 70 per cent. At the same time we re-affirmed our strategy to acquire complementary, successful businesses as well as pursuing organic growth.
Stuart Black, Executive Chairman at Lakehouse comments:
We’re thrilled to be able to incorporate a highly-respected business like Foster Property Maintenance 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.
Steven Foster, Managing Director of Foster Property Maintenance says:
We are delighted to have become part of Lakehouse. 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. 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.
To find out more about FPM: www.fpm-ltd.co.uk
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