Construction company expands into East Anglia with support from RBS

Construction company expands into East Anglia with support from RBS

Social housing construction company Lakehouse has bought a property maintenance firm using £15m in funding from Royal Bank of Scotland Corporate & Institutional Banking.

Supporting corporates

12 December 2013

The Romford-based business, which provides construction management, improvement and maintenance projects for social housing, education, environments and public buildings, has acquired Foster Property Maintenance to increase its geographical coverage.

Lakehouse currently covers London and all the surrounding counties but will be able to increase its market share to include East Anglia and the East Midlands with the acquisition of Foster.

Boosting staff numbers

Lakehouse was founded in 1988 and has grown to employ over 650 people with an annual turnover of around £190m in 2012/13. It has been a client of RBS CIB for 19 years.

Foster is a property services company working in the affordable housing and public property sectors for local authorities and other housing providers.  The acquisition will see Foster’s business integrated into Lakehouse’s existing operations, leading to a combined expected turnover of .around £280m and boosting total staff numbers to more than 900.

Key support

Alan Cox, Finance Director of Lakehouse, said: “The support from the Royal Bank of Scotland CIB team was really exceptional, and proved to be key to being able to complete this strategically important deal. Lakehouse is focused on being a market leader in its field and we will continue to deliver a first-rate service to all our stakeholders.”

Howard Levy, Relationship Director, RBS CIB, said: “We are delighted to be able to support Lakehouse in its exciting acquisition of Foster Property Maintenance.  The expansion into new territories alongside the increased breadth of the business, in part delivered through the previous acquisitions of Allied Protection and K&T Heating Services, establishes Lakehouse as one of the major operators in their industry. 

“We have a very high regard for the management team and we have worked very closely with them to support their growth strategy.”

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