Existing shareholders to net 拢30m from March 23 IPO, firm announces
Social housing contractor Lakehouse is to be valued at 拢140m when it floats on the London Stock Exchange next week.
Publishing the offer price of the expected flotation today, Lakehouse said in a statement that in addition to the 拢30m expected to be raised to finance future growth in the company, the company鈥檚 current owners would net a further 拢30m from the flotation.
The exact ownership of Lakehouse is not known, but today鈥檚 statement said that existing shareholders included the directors and senior management team, led by executive chairman Stuart Black. In addition the firm鈥檚 founder, Steve Rawlings, who will formally step down when the IPO is launched, is thought to retain a significant ownership.
In a statement today the firm said shares in the firm would be valued at 89p upon launch on March 23, valuing the company at 拢140.2m. In total 67,415,731 shares worth approximately 拢60m will be sold, half of which will be new shares, and half of which will be existing shares owned by the firm鈥檚 current owners. The statement said the 拢7m cost in fees of the flotation would be paid out of the 拢30m raised for the company.
When it announced its intention to float last month, Lakehouse said the 拢30m proceeds would be used to invest in further organic growth and selective acquisitions.
The flotation comes after a period of rapid growth for the firm, which reported pre-tax profit of 拢21.9m on revenue of 拢345.2m for the year ended 30 September 2014. In 2008, the year after chief executive Stuart Black joined, Lakehouse made a 拢1m profit on turnover of just 拢50m.
Black told 黑洞社区 at the time that: 鈥淭he strategy will remain the same as we have been pursuing for the last five years, to grow organically in our chosen markets, and add selective acquisitions. We fully intend to grow the business further.鈥�
The company, which makes four fifths of its turnover from selling maintenance, compliance and energy services to the social housing sector, and the rest from general construction work, employs 1,250 staff across the UK in 18 offices.
The firm鈥檚 official prospectus is to be published later today. Black said in the statement: 鈥淲e believe that Lakehouse represents an attractive investment opportunity, reflecting our compelling growth prospects, and we are pleased to welcome our new shareholders to the company. Lakehouse looks forward to life as a listed company and continuing its track record of long term value creation for all its stakeholders.鈥�
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