Lakesmere announces corporate reorganisation

Lakesmere, the UK’s largest building envelope specialist, has announced plans for a corporate reorganisation and changes to its Board of Directors as the company looks to sustain and build upon its successful heritage that spans over twenty one years.

The new structure sees the creation of a new parent company, Lakesmere Group Ltd, and the establishment of five subsidiary companies; Lakesmere Limited, McMullen Facades Limited, Lakesmere Arabia LLC, Lakesmere Oman LLC and Lakesmere UAE LLC. The changes will formalise Lakesmere’s existing divisional activities through the creation of individual operating companies and strengthen the board of directors at an operational level.Lakesmere’s incumbent Managing Director Mark Davey will retain his position and will chair the Board of Directors for Lakesmere Group Ltd and each of the subsidiary companies.Mark commented: “The last 12 months have brought with them some of the biggest changes seen by Lakesmere in almost 21 years in business. The decision to implement a corporate reorganisation is key to the future growth of our operations here in the UK and overseas but it also emphasises the robust management and financial controls that have long been at the heart of Lakesmere’s business ethos. As well as sustaining our strong market share in the UK, a large proportion of Lakesmere’s future growth will come from our more recently established ventures, particularly our thriving international operations. In line with good corporate governance, the new structure and board of directors will strengthen the organisation and continue to provide a transparent and accountable framework for the management of the business.”

Established in 1993, the specialist contractor’s UK operation, which will now be known as Lakesmere Limited, has enjoyed continued success and growth and in addition to its regional offices in Winchester, Manchester and Glasgow, has recently expanded to include a dedicated Flat Roofing division. The reorganisation will see Lakesmere Limited strengthen its Board with the appointment of five new directors; David Gray, Chris Horsfall, Ed McKenzie and Matt Nicholson who are well known in the industry and to Lakesmere’s existing customers and suppliers for their knowledge and commitment to customer service. Lakesmere’s Group Finance Director Mark Johnson joined in 2012 and brings to the company an enviable pedigree gained from working for over 25 years in senior roles in the construction sector and other industries.

Building on the business’s domestic success Lakesmere has steadily grown its overseas operations, which currently has three operational divisions in the Middle East. In December 2012, Lakesmere created a new subsidiary, McMullen Facades Limited, after acquiring the trade and assets of McMullen.  In doing so, Lakesmere Group has expanded its manufacturing capabilities in the UK.

Commenting on the new corporate structure, Lakesmere’s Group Finance Director Mark Johnson added; “Lakesmere’s new corporate development is now better equipped to support and manage its future growth and expansion. The business has grown significantly but robust management controls and sound financial strategies has enabled Lakesmere to self-fund these expansion plans while maintaining healthy cash reserves and no debt. The decision to reorganise the business will further strengthen the foundations for Lakesmere’s future management and enable the individual companies, which are each at differing stages of development, to benefit from a more strategic and dedicated approach.”

600450 Lakesmere announces corporate reorganisation
Date: 17 September 2013

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