The acquisition follows deterioration in the Company’s financial performance resulting from a combination of a downturn in the construction sector, increased pressure on margins, and significant investments made into foreign markets.
Lakesmere seeks as part of the acquisition to protect 129 jobs, which will be welcome news to both personnel and the wider community in Northern Ireland, where the company has been trading for more than 40 years and to McMullen’s contracting staff throughout the UK. The company and its assets will be transferred to a new subsidiary of Lakesmere, McMullen Facades Limited, and will become part of the Lakesmere group of companies.
McMullen, synonymous with many leading projects including the Stirling prize winner the Evelyn Grace Academy in London and Obel, the tallest building in Ireland, has a number of ongoing projects in the UK. The combined expertise will offer a seamless service to clients, with minimum disruption to programmes.
Mark Davey, Managing Director of Lakesmere commented: “I have known and respected Ted McMullen and his team for many years. They have a strong heritage in the specialist facades marketplace and we intend to ensure that the name and reputation of the company lives on as part of the Lakesmere Group. There are natural synergies between our businesses which will enable Lakesmere to offer clients an enhanced range of services in both the UK and internationally where Lakesmere has built a significant reputation in recent times.”
McMullen Facades Limited will continue to operate from its Northern Ireland headquarters.