Lakehouse To Pay Up To GBP10 Million For Aaron Heating Services

LONDON (Alliance News) - Asset and energy support services company Lakehouse PLC on Monday said ...

Alliance News 2 November, 2015 | 8:38AM
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LONDON (Alliance News) - Asset and energy support services company Lakehouse PLC on Monday said it has struck a deal worth up to GBP10.0 million in cash to acquire Aaron Heating Services Ltd.

Aaron Heating provides heating services and installation services, primarily for housing association and local authority clients in East Anglia.

Lakehouse said Aaron will complement its existing K&T Heating business, which operates in London and the South East, and Sure Maintenance, its recently-acquired unit operating in the North of England and the Midlands.

Lakehouse will pay GBP6.7 million upfront for Aaron, with another GBP3.3 million due based on Aaron hitting financial targets through to 2017.

"Supporting the existing services of our compliance division, the acquisition will extend the geographical footprint of the group's gas business and enhance Lakehouse's already solid platform throughout East Anglia and the Midlands for all its services and creates further opportunities for cross-selling," said Stuart Black, Lakehouse's executive chairman.

Shares in Lakehouse were up 0.8% to 95.77 pence on Monday morning.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Lakehouse PLC 25.50 GBX -2.86 -
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