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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lakehouse | LAKE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 35.00 |
| Top Posts |
|---|
Posted at 12/10/2018 14:31 by jsmith1982 To confirm its two ex Lakehouse Contracts employees who left back 2013 after the initial fraud was discovered.I'm also concerned by other news, Lakehouse Contracts (the business just sold for £500k) has just appointed a second director. It could be a coincidence but the their occupation is down as SHEQ director, and by chance Mears Plc (same chairman as Lake) has a SHE Director by the same name. Have Lake allowed a good business to loose direction, not managed to sell it for a fair price and then sold it on the cheap to connected parties. A number of the senior management from the Lakehouse Contracts business moved over to Lake before the sale went through to help close out legacy job, on top of this the CFO is moving on (which I see as a positive thing). There is likely to be large redundancy/notice payments going through at present, eating up cash, which ideally would be used to pay down the debts. I suspect the year end accounts are going to have a large number of 'exceptional' items going through (just like the last few years) and picking through the numbers is going to be very difficult. Who knows what the underlying business really looks like! |
Posted at 12/10/2018 10:53 by diduno Please look at Evening Standard & Daily Mail online articles regarding Lakehouse and some of its subcontractors. It appears that 2 of Lakes contracts managers have been charged alongside 2 directors of Polyteck which, as most will know, formed Mapps FM, part of the Mapps group that took over Construction & Property Services from Lake.What on earth is going on at Lake/Sureserve? |
Posted at 22/9/2018 09:48 by diduno Unfortunately, I think you are probably right. The companies, or some directors of Lake, will possibly merge with the newly established Mapps Group at some point in the future and all will do very nicely thank you. I am surprised that shareholders are content to sit back and witness the board of Lake effectively give large parts of its business away for so little return. I cannot imagine that any of this will be to Lake's benefit. |
Posted at 21/9/2018 14:22 by jsmith1982 I am not aware of any linked between the registered director of Mapps and Mears, but from speaking to ex colleagues there was a senior Mears guy on site the week following the sale. Same goes for Polyteck I can't see any link on companies house but the oweners were in the Lakehouse Contracts offices following the sales, I suspect the businesses will merge at some point.What concerns me is that the Plc board goes from a point where it is considering suing (issuing legal instructions) Polyteck one moment and then a few months later sells to someone associated to them. I'd love to see the warranties and indemnities for this transaction, I suspect these will feature in the ever present list of exceptional items within the Lake Plc accounts. |
Posted at 20/9/2018 10:34 by diduno Trustman - it could well be that the scenario you describe is very much a potential risk. But why were parts of Lake effectively undersold to a subcontractor that appears to have been involved with issues at Hackney Council alongside Lake, and isn't it odd that the newly formed sector specialist, Mapps, will be sharing accommodation with Lake. Is this not a sell off in name only? Shareholders must draw their own conclusions. |
Posted at 19/9/2018 20:36 by bargainbob Looking to float on AimThe Lakes Distillery, a leading English single malt whisky distillery, is pleased to announce it is exploring the possibility of seeking admission of its shares to trading on AIM, the London Stock Exchange’s market for smaller growing companies. The Company has appointed N+1 Singer as its Nominated Adviser and Broker in relation to a possible admission and a potential fundraising by way of a placing with institutional shareholders to raise up to £15 million of growth capital in the latter part of 2018 (together the ‘IPO’). A meeting has been convened for later this month at which various resolutions needed to enable the IPO to take place are to be put to the Company’s shareholders for approval. Background on the Company The Lakes Distillery was formed in 2011 and commenced operations in December 2014 with the aspiration to create a global luxury whisky brand. As well as distilling and maturing initial stocks of premium single malt whisky the Company has built a portfolio of award-winning premium spirits brands including: a world’s first blend of British Isles whiskies, The ONE; Steel Bonnets, a world’s first of English and Scottish blended malt whiskies; The Lakes Gin; The Lakes Vodka; and a range of flavoured liqueurs. As an English single malt whisky distiller, The Lakes Distillery is classified as a World Whisky, the high growth segment of the global whisky market. Strengthening the team The company was founded in September 2011 by Paul Currie, COO, when he acquired the distillery site located in the Lake District National Park, and was later joined by Nigel Mills, CEO and Co-Founder in April 2012. As it positions itself for the next stage of growth, the Company has assembled a strong Board and senior executive management team, including considerable and relevant expertise in producing high quality whisky, building a global luxury brand and growing a business to generate shareholder returns. In addition to Nigel and Paul, the executive team includes Deloitte-trained David Robinson as Chief Financial Officer; and Dhavall Gandhi, who joined the Company from The Macallan Distillers, as Chief Whiskymaker. The Non-Executive Directors comprise Dr Alan Rutherford, Chairman, who held the role of Production Director at Diageo from 1989 until his retirement in 2000 and was awarded an OBE for services to the Scotch Whisky Industry in 1996; Tim Farazmand, formerly a Managing Director of Lloyds Development Capital, where he backed high-growth opportunities in the consumer sector, including Fever-Tree Drinks; Paul Neep, formerly CEO, and latterly Chairman of the whisky distiller Glenmorangie PLC, where he was instrumental in building the premium global luxury whisky brand Ardbeg and in the latter years worked closely with Louis Vuitton Moet Hennessy following the sale of Glenmorangie to LVMH in 2005; and Richard Hutton the Finance Director of Greggs plc. Nigel Mills, CEO of The Lakes Distillery, commented: “The Lakes Distillery has strong brand credentials, is located in an area of outstanding natural beauty, the Lake District National Park, a UNESCO World Heritage site, and has a successful track record of innovation and brand development. “We believe we are well positioned for growth, with multiple revenue streams, and an appreciating asset in the form of our whisky stock, developed using our multi-oak, multi-sherry led production process. “We are exploring an IPO as a flexible source of capital to allow us to increase our production significantly, whilst remaining independent and focused on quality, as well as investing in our whisky stock, our sales and marketing capabilities and our distribution channels. Ultimately this will help us to achieve our ambition to build a global luxury whisky brand.” |
Posted at 12/9/2018 10:06 by diduno sharw - why was it not made clear that Lake's subcontractor, Polyteck (or should I say its directors now heading the newly established Mapps FM), would be taking over Construction, Property Services and Fosters? You will recall that Hackney's Mayor warned social landlords of the problems it had encountered with Lake & Polyteck and of contemplated civil proceedings. Bearing in mind that Construction turnover was in excess of £90m and Fosters in excess of £30m in 2017, the deal concluded with Mapps does appear attractive for the newly formed company described as sector specialists. How can a company with no track record be described as specialists? It may prove to be a disaster.There was also no mention that Mapps would be sharing Lake's offices? Could this be a sell off in name only in order to disassociate both Lake and Polyteck from the bad press linked to the Mayor's letter and possible civil proceedings by Hackney? Unfortunately, information passed to me indicates that there will be more bad news for Lake in the near future. Rather than attempting to ridicule my posts, which I only make as constructive criticism and warning to shareholders, it would possibly be beneficial for those investing to undertake their own checks on this company. You are perfectly entitled to ignore my posts and proceed as you see fit which I dare say is what most have done whilst enduring the collapse in the share price. |
Posted at 19/8/2018 11:33 by diduno 1newtothis - I'm sorry to have to tell you that your information source is misleading. Whilst Lake may well claim that it was they who first notified police of a fraud, is this the fraud currently being investigated by police? My sources tell me that it isn't.Furthermore, Bob Holt has previously stated that Lake was not complicit in the fraud and that it was just a few rogue staff. This begs the question were these rogue staff, who I am informed were senior managers responsible for £millions of work, not managed or supervised by their superiors or directors? If so, what were they looking at in order to permit, what appears from Hackney Mayor's correspondence with other authorities, to be an extremely serious fraud take place. Moreover, if these managers were staff of Lake, is the company not ultimately responsible? Lake cannot simply wash its hands of corrupt staff and claim they did not form part of the company together with all the other staff it employs and credits for their professionalism. Taking into account the above, how or why was Lake allowed to float on the stock market shortly before news of the fraud was publicised? Were the relevant authorities aware of the reported fraud and had the company, as it claims, reported it to police before or after the flotation? Either way, a lot of investors have lost a lot of money based on the float price of 89p and I think these questions should be addressed. Whilst we are all aware that past performance is no indicator of future performance, it is my belief that, in this instance, it will be. With reference to the sale of Construction, Property Services and Fosters to the Mapps Group, it must be accepted that this private limited company was only established in June of this year. It has absolutely no track record or even phone number or email address listed, although it is claimed to be backed by 'sector specialists'. Who are these specialists? Are they related to Lake? Inewtothis and vfast should simply ignore my posts if they believe them to be of no value. |
Posted at 09/8/2018 10:55 by diduno I think you are absolutely right jsmith1982.I have been informed by an industry source that the 'sector specialist' in place to take over Construction & Property Services is actually one of Lakes subcontractors, one of those that worked on the Hackney Contract for Lake. If this is correct, it makes one wonder how the contract could have resulted in the problems reported unless, of course, the problems were not connected with this specialist? I realise that this all seems somewhat obscure, but that is the information passed to me from a source that has, in the past, been 100% accurate. Time will tell. |
Posted at 04/8/2018 10:23 by diduno jsmith1982 is correct inasmuch as Construction & Property Services performed well up until new management of Lake took over. However, the downturn in performance not only coincided with that, but also with news of the metropolitan police arresting and interviewing some of the company and Hackney Council staff in connection with a fraud. Indeed, Lake's chairman admitted what he referred to as 'rogue staff' within the company. I not only believe that investigations centre on Construction & Property Services, but also that they are still underway which makes me think it cannot be an insignificant matter. Moreover, was it this that led to a change in management?We should also be reminded that Hackney's Mayor wrote to a large number of Local Authorities warning of the performance of Lakehouse and one of its subcontractors. I find it curious that Lake is now 'offloading' Construction & Property Services to an unnamed sector specialist, whoever that may be, with the explanation that historically it has been a drag on the group's performance. |
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