London Stock Exchange today welcomes Lakehouse plc
London Stock Exchange today welcomes Lakehouse plc on the first day of dealings in the Company’s shares following its successful IPO.
Established in 1988, Lakehouse has over 1250 employees in 18 offices throughout London, the South, East Anglia and Scotland. Lakehouse has substantial experience in the management of improvement for homes, education environments and public buildings in four core service areas: Regeneration, Compliance, Energy Services and Construction.
The initial public offer priced at 89 pence per share, giving the business a market capitalisation of approximately £140.2 million on admission. The offer will raise gross proceeds of approximately £60.0 million, in aggregate, comprising gross proceeds of approximately £30.0 million from the issue of new shares by the Company and gross proceeds of approximately £30.0 million from the sale of existing shares by selling shareholders. The gross proceeds of the £30.0 million from the offer of new shares will be used to support the continued growth of the Group including potential bolt-on acquisitions where suitable opportunities are identified.
Lakehouse will be admitted to the London Stock Exchange at 08.00am on the 23 March 2015 under the ticker LAKE.
Stuart Black, Executive Chairman of Lakehouse said:
"We are delighted to announce the successful completion of our initial public offering on the London Stock Exchange and the first day of dealings in Lakehouse shares. As a listed company we look forward to the future with confidence and to continuing to deliver long term value creation for all our stakeholders.
A key factor behind the success of the business has been the hard work, professionalism and enthusiasm of our staff and I would like to record my thanks to them on this important day."
Peel Hunt is acting as sponsor, financial adviser, sole bookrunner and broker. The lawyers on the IPO were Eversheds and Norton Rose Fulbright. Deloittes acted as accountants and the financial PR remit was managed by Camarco.