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Lakehouse in second acquisition since March IPO

Lakehouse has bought energy broker and management service provider Orchard for £7m.

Orchard gives advice to corporate clients about how best to manage their energy costs, including procurement and usage.

The firm was founded in West Yorkshire in 2004 and has offices in Glasgow, Bristol, Newcastle and Northampton. It employs 78 staff.

Its turnover last year was £4.99m, with a pre-tax profit of £0.88m.

As part of the acquisition, the management team will remain with the business.

This is Lakehouse’s second acquisition since it floated in March, bringing its headcount to 1,400.

The move will enable the contractor to expand its existing energy service offering to Orchard’s commercial customers, while introducing Orchard’s energy brokerage services to its large housing association and local authority customers.

Under the terms of the acquisition, Lakehouse bought the company for £7m and will pay up to £3m extra based on Orchard’s financial performance in the period up to 30 September 2017.

Lakehouse executive chairman Stuart Black said: “Following our successful initial public offering earlier this year, this acquisition further endorses our strategy of acquiring and integrating businesses which expand our service offering and geographical reach.

“Orchard’s strong client base, excellent relationships with utilities firms and market-leading customer service open up new opportunities for growth in the energy services market.”

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