World Fuel Services Europe has bought Orchard from Lakehouse for آ£12.4m representing an estimated gain on book value of آ£5m for the vendor.
“The sale of Orchard, a white collar business, will allow the group to concentrate on its operatives-focused activities within its compliance and energy services divisions,†Lakehouse said. It will also help reduce debt.
In the year to 30th September 2016, Orchard reported a turnover of آ£6.3m and profit before tax of آ£2.5m.
Meanwhile, Lakehouse’s energy services division has won its first contract under the Excel energy efficiency framework, a آ£4m award from Renfrewshire council for external fabric improvements.آ
Lakehouse has also secured a place on a آ£44m housing improvements framework with Aberdeenshire Council. Work will include external upgrades, internal refurbishments, domestic heating programmes and renewable energy installations up until late 2021.
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