Sureserve

Last updated
Sureserve plc
Type Public limited company
LSE:  SUR
Founded1988 (1988)
Headquarters Dartford, Kent, England
Area served
UK
RevenueIncrease2.svg £212.1 million (2019) [1]
Increase2.svg £6.4 million (2019) [1]
Increase2.svg £5.0 million (2019) [1]
Total equity Increase2.svg £44.3 million (2019) [1]
Number of employees
2,124 (2019) [1]
Divisions Compliance, Energy Services
Website www.sureservegroup.co.uk

SureserveGroup plc (formerly Lakehouse plc) is a UK-based asset and energy support services group. It was founded in 1988, with headquarters in Dartford, Kent. In October 2018, it employed around 2,000 staff in 23 UK offices. [2]

Contents

The group offered services in regeneration, compliance, energy services, and construction [3] to the housing, education, public and commercial buildings sectors, with a focus on the UK public sector and regulated markets, before disposing of its property services and construction business in August 2018. This company, Lakehouse Contracts, subsequently went into administration and ceased trading in March 2019, owing £27m to 275 creditors.

History

Steve Rawlings founded Lakehouse in 1988 and remained chief executive until 2014.

Lakehouse floated on the London Stock Exchange in March 2015. [4]

Ric Piper joined the Lakehouse board in 2016 as chairman. [5] Shortly afterwards, Piper was replaced by Bob Holt, who was appointed as director and executive chairman. [6]

Between 2011 and 2015 Lakehouse acquired ten complementary businesses to expand geographically and provide broader services. In 2011 Lakehouse acquired gas compliance services provider K&T Heating. [7] [8] In 2012 it acquired fire compliance business Allied Protection. [9] [10] Foster Property Maintenance was acquired in 2013. [7] [11] In 2014 it acquired energy services provider Everwarm, who also install electric vehicle charging infrastructure and solar PV systems. [12] [13] [14] and water and air compliance services provider H2O Nationwide. [15] In 2015 it acquired smart metering specialists Providor, [16] [17] [18] energy services broker and energy management service provider Orchard Energy, [19] [20] gas compliance services businesses Sure Maintenance [21] [22] and Aaron Heating, [8] [23] [24] and lift compliance services provider Precision Lifts. [25] [26]

In July 2017, Lakehouse confirmed that its fire compliance business, Allied Protection, was engaged by Royal Borough of Kensington and Chelsea in January 2017 to certify installed fire safety systems in Grenfell Tower, [27] destroyed by a large fire on 14 June 2017. Allied was satisfied the system was maintained in accordance with the requirements and all evidence presented to date indicates that it performed as it was designed to do. Allied was however not responsible for the specification of the system.

On 1 October 2018, Lakehouse announced it had changed its name to SureserveGroup plc. [2] [28] In October 2018, ten people were charged as part of a fraud investigation relating to two contracts between Lakehouse and Hackney Homes relating to work in 2013–2014, though there is no suggestion of fraud on Lakehouse's part. [29]

After five years at Sureserve, during which time he was credited with turning round the formerly struggling business, Bob Holt stepped down as chairman and CEO in March 2021. [30]

In April 2023, London private equity group Cap10 launched a £214m takeover bid for Sureserve. [31]

Lakehouse Contracts

In August 2018, Lakehouse sold its construction and property services operations, Lakehouse Contracts, employing 236 staff, for £500,000 to a newly formed company, Mapps Group Limited. [32] In January 2019, Sureserve announced it had set aside £2.5m for possible claims on projects carried out by the new business and had written off the £500,000 sale price to zero "in light of the weak performance of the activities since." [33] In March 2019, Lakehouse Contracts entered administration [34] and ceased trading. [35]

Claiming to be owed "millions", subcontractors affected by the administration planned to attend Sureserve's AGM on 19 March 2019. [36] In April 2019, one subcontractor, Target Structural, said it was seeking £376,000 from Sureserve following an adjudication in its favour relating to a bathroom pod replacement contract in Enfield. [37] In May 2019, it was reported Lakehouse had collapsed owing more than £9 million to hundreds of subcontractors; [38] in August 2019, administrator CMB Partners confirmed 275 creditors were owed more than £27m. [39] In June 2019, Sureserve said it had set aside £5.4m in provisions following the sale and subsequent collapse of the Lakehouse business. [40]

The conduct of Lakehouse directors was the subject of a CMB report to the government; investigations continued into the sale of subsidiary Fosters Property Maintenance, sold for £1 despite having a balance sheet value of £3.6m. [39]

Awards

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References

  1. 1 2 3 4 5 "Preliminary Results for the year ended 30 September 2019" (PDF). Sureserve.com. Sureserve. Retrieved 22 January 2020.
  2. 1 2 "Trading Statement, Change of name". London Stock Exchange. 1 October 2018. Retrieved 1 October 2018.
  3. ↑ "Contractor appoints new chief executive | News | Inside Housing". www.insidehousing.co.uk. Retrieved 2016-04-20.
  4. ↑ Wallace, Tim (2015-03-19). "Lakehouse hits £140m on stock market flotation". www.cityam.com. Retrieved 2016-05-03.
  5. ↑ "Lakehouse Outlines New Board Composition As Meeting Adjourned". www.lse.co.uk. 2016-04-20. Retrieved 2016-05-03.
  6. ↑ "Mears boss Bob Holt to help turnaround Lakehouse". www.constructionenquirer.com.
  7. 1 2 "Lakehouse acquires Wisbech property company". Insider Media Ltd. Retrieved 2016-04-20.
  8. 1 2 "Lakehouse acquires K&T Heating Services". www.theconstructionindex.co.uk. Retrieved 2016-04-20.
  9. ↑ "Lakehouse swoops for Burgess Hill business". Insider Media Ltd. Retrieved 2016-04-20.
  10. ↑ "Lakehouse buys fire alarm firm". www.theconstructionindex.co.uk. Retrieved 2016-04-20.
  11. ↑ "East Anglian acquisition for Lakehouse". www.theconstructionindex.co.uk. Retrieved 2016-04-20.
  12. ↑ "Funding for electric charging points available for businesses in Scotland". Sureserve Group. Retrieved 22 January 2020.
  13. ↑ "Everwarm win Regional Solar PV Installer of the Year 2017". Sureserve Group. Retrieved 22 January 2020.
  14. ↑ "Everwarm in all-share merger with Lakehouse". Herald Scotland. Retrieved 2016-04-20.
  15. ↑ "Lakehouse catches legionella specialist". www.theconstructionindex.co.uk. Retrieved 2016-04-20.
  16. ↑ "Lakehouse buys 130-strong smart metering business". Insider Media Ltd. Retrieved 2016-04-20.
  17. ↑ "Lakehouse buys smart metering firm in £4.75m deal". Construction News. Retrieved 2016-04-20.
  18. ↑ "Lakehouse Snaps Up Smart Metering Services Company Providor". www.lse.co.uk. Retrieved 2016-04-20.
  19. ↑ Hill, Nick. "Lakehouse acquire West Yorkshire's Orchard (Holdings) UK for £7m". Bdaily Business News. Retrieved 2016-04-20.
  20. ↑ "Lakehouse acquires Orchard (Holdings) UK | 13 July 2015 | Stock Market Wire". www.stockmarketwire.com. Retrieved 2016-04-20.
  21. ↑ Hodgson, Neil. "Garston-based Sure Maintenance acquired in £8.85m deal". liverpoolecho. Retrieved 2016-04-20.
  22. ↑ "Lakehouse Plc Acquires Sure Maintenance Group - Quick Facts". RTTNews. Retrieved 2016-04-20.
  23. ↑ "Lakehouse To Pay Up To GBP10 Million For Aaron Heating Services". MorningstarUK. Retrieved 2016-04-20.
  24. ↑ Brodie, Duncan. "Ipswich-based Aaron Heating Services to be acquired by Lakehouse". Ipswich Star. Retrieved 2016-04-20.
  25. ↑ "Lakehouse buys lift specialist". www.theconstructionindex.co.uk. Retrieved 2016-04-20.
  26. ↑ "Lakehouse buys lift specialist Precision | Construction Enquirer". www.constructionenquirer.com. Retrieved 2016-04-20.
  27. ↑ "Lakehouse rebuts Hackney's attack". The Construction Index. 5 July 2017. Retrieved 5 July 2017.
  28. ↑ "New name for Lakehouse". The Construction Index. 1 October 2018. Retrieved 1 October 2018.
  29. ↑ Jordan, Marshall (10 October 2018). "Ten people charged over Lakehouse fire alarm fraud investigation". Building. Retrieved 10 October 2018.
  30. ↑ Morby, Aaron (18 March 2021). "Sureserve chairman Bob Holt makes sudden exit". Construction Enquirer. Retrieved 18 March 2021.
  31. ↑ Morby, Aaron (21 April 2023). "London private equity firm launches bid for Sureserve". Construction Enquirer. Retrieved 24 April 2023.
  32. ↑ Prior, Grant (19 August 2018). "Lakehouse sells construction and services arm for £500,000". Construction Enquirer. Retrieved 20 August 2018.
  33. ↑ Prior, Grant (22 January 2019). "Sureserve sets aside cash for Lakehouse contracts". Construction Enquirer. Retrieved 23 January 2019.
  34. ↑ Prior, Grant (12 March 2019). "Lakehouse Contracts applies for administration". Construction Enquirer. Retrieved 12 March 2019.
  35. ↑ Prior, Grant (14 March 2019). "Lakehouse Contracts ceases trading". Construction Enquirer. Retrieved 14 March 2019.
  36. ↑ Prior, Grant (18 March 2019). "Lakehouse subbies plan showdown with Sureserve bosses". Construction Enquirer. Retrieved 19 March 2019.
  37. ↑ Prior, Grant (17 April 2019). "Lakehouse subbie goes after Sureserve for cash". Construction Enquirer. Retrieved 17 April 2019.
  38. ↑ Prior, Grant (7 May 2019). "Lakehouse went under owing subcontractors more than £9m". Construction Enquirer. Retrieved 7 May 2019.
  39. 1 2 Prior, Grant (12 August 2019). "Money owed to Lakehouse creditors leaps to £27m". Construction Enquirer. Retrieved 12 August 2019.
  40. ↑ Prior, Grant (25 June 2019). "Sureserve sets aside cash after Lakehouse sale". Construction Enquirer. Retrieved 25 June 2019.
  41. ↑ "Building Awards 2010: The winners". Building. Retrieved 2016-04-20.
  42. ↑ "Lakehouse | Lord Mayor's Dragon Awards". www.dragonawards.org.uk. Retrieved 2016-04-20.
  43. ↑ Smith, Alex. "ODA wins treble at Building Awards". Building. Retrieved 2016-04-20.
  44. ↑ "Contractor of the year (up to £300m)". Building. Retrieved 2016-04-20.
  45. ↑ "Lakehouse - Santander Responsible Small Business of the Year 2013". Business in the Community. Retrieved 2016-04-20.
  46. ↑ "2014 Winners |". www.cmawards.co.uk. Retrieved 2016-04-20.
  47. ↑ "Constructing Excellence in the South East Awards 2013". crofton-design.co.uk. Retrieved 2016-04-20.
  48. ↑ "Customer Service Award - Housing Excellence Awards". Housing Excellence Awards. Retrieved 2016-04-20.
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