Construction News

03/10/2017

Lakehouse Sells Orchard Business For £12.4m

Lakehouse has announced the sale of its Orchard business to World Fuel Services Europe for £12.4 million.

The deal, which represents an estimated gain on book value of £5m, will see the energy consultancy leave the Lakehouse Group so the company can concentrate on its operatives-focused activities within its Compliance and Energy Services divisions.

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Bob Holt, Executive Chairman of Lakehouse, said: "Orchard is an excellent business that I am sure will thrive under the stewardship of World Fuel Services. I would like to record my thanks to the directors and staff of Orchard for their professionalism and dedication during their time within the Lakehouse Group.

"The disposal will allow us to focus on our market leading Compliance and Energy Services operations and reduce indebtedness."

(LM)

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