Lakehouse has purchased Precision Lift Services (PLS Holdings) for an initial cash consideration of £5.5 million, it has been announced.

The Group said the move is in line with the company's growth strategy, with Lakehouse's total headcount now rising to over 2,400.

Headquartered in Upminster, Essex Precision's services include lift installations and replacements, planned lift servicing, a 24-hour responsive repair service, bespoke design and manufacture, upgrades and modernisation, and disability adaptation work for local authorities and social housing associations.

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In the financial year ended 31 August 2014, Precision reported a turnover of £11.6m and profit before tax of £0.5m.

Stuart Black, Executive Chairman of Lakehouse, said: "This acquisition meets with our strategic objectives of buying complementary businesses which enhance our existing services – in this case within the Compliance division.

"Precision’s technical expertise and strong track record will allow us to capitalise on growth opportunities in London and the South East, as well as offering new services to our existing clients throughout the UK.  This is another positive step in the Group’s strategy of acquiring successful businesses and enhancing our strong organic growth.

Graham More, Managing Director of Precision, added: "Joining Lakehouse is great news for Precision and for our clients. We share a commitment to strong growth, quality client service, and making a positive impact in the social housing sector."

(LM/CD)