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Lakehouse buys East Anglian maintenance firm

Lakehouse has acquired East Anglian firm Foster Property Maintenance in a deal that will improve the firm’s access to clients in the East of England and boost its staff headcount to more than 900 employees.

Established in 1976, FPM is a property services company that works in the affordable housing and public property sectors for local authorities and housing providers in Cambridgeshire, Lincolnshire, Norfolk and Suffolk.

The acquisition will see FPM’s £50m business integrated into Lakehouse.

FPM managing director Steven Foster will remain with the company when ownership formally transfers to Lakehouse.

The acquisition follows Lakehouse’s purchase of K&T Heating Services in October 2011 and fire detection and alarm systems provider Allied Protection in November 2012. 

Its purchase of K&T Heating Services, for which it paid £6.6m in cash with a £2.5m deferred consideration, boosted revenue by £10.6m and brought in £2.3m in profit over the year to 30 September 2012.

Earlier this year the company announced a record 44 per cent increase in revenue from £106.7m to £153.7m and a rise in pre-tax profit of nearly 70 per cent. 

Among its recent wins was its appointment to the £1bn Notting Hill housing framework.

Lakehouse executive chairman Stuart Black said: “We are 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 are very excited by the opportunity it creates.”

Mr Foster said: “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.”

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