Lakehouse plc £55m Contract win with Welsh Government (0257O)

TIDMLAKE

RNS Number : 0257O

Lakehouse plc

15 May 2018

PRESS RELEASE

15(th) May 2018

Lakehouse plc

("Lakehouse" or "the Group")

GBP55m Contract win with Welsh Government

Lakehouse, the asset and energy support services group, is pleased to announce the award of the Arbed scheme of the Welsh Government Warm Homes programme, referred to as "Arbed 3" ("the Contract"). The Contract, worth up to GBP55m over an initial three year term, will be delivered through the Arbed am Byth joint venture between the Group's Everwarm subsidiary and the Energy Saving Trust. The Contract will be mobilised during the remainder of our year ending 30 September 2018 and will run for three years to 2021, with the potential for a two year extension.

Arbed 3 is a programme of area-based schemes which will target improvements to over 6,000 homes in areas throughout Wales where households are more likely to be living in severe fuel poverty. In addition to improving the energy efficiency of homes, the scheme will also provide householders with a range of advice to help reduce their energy usage and utility bills. The Contract will involve a number of important aspects:

-- Independent Whole House Assessments, to ensure delivery encompasses social, environmental and economic considerations;

   --      Robust fuel poverty data to drive interventions in the households with greatest need; and 

-- Stimulating the local economy via job creation and tradecraft apprenticeships within the SME sector.

Everwarm will manage a range of services, including insulation and central heating upgrades, working with local operators to ensure we see the benefits in the local economy.

Michael McMahon, Chief Operating Officer, said:

"The successful award of the Arbed 3 contract builds on the excellent work performed by Everwarm and Energy Saving Trust with the Scottish Government's area based flagship Home Energy Efficiency Programme for Scotland. The Contract was Everwarm's key strategic target, taking the business into a new Country, whilst capitalising on its existing expertise. We look forward to working with Welsh Government in delivering the Arbed 3 programme and are delighted in announcing another strategic landmark for the Group's Energy division".

ENDS

Enquiries

 
 Lakehouse                                 Financial Public Relations 
 Bob Holt, Chairman, 07778 798816          Camarco 
 Michael McMahon, Chief Operating          Ginny Pulbrook 
  Officer 
 Jeremy Simpson, Chief Financial Officer   Tom Huddart 
 Telephone: [phone]                  Telephone: [phone] 
                                            4992 
 
 Stockdale Securities 
 Andy Crossley 
 Antonio Bossi 
 Telephone: [phone] 
 

Notes to editors

Lakehouse is an asset and energy support services group that constructs, improves, maintains and provides services to homes, schools, public and commercial buildings with a focus on clients in the UK public sector and regulated markets. Services are delivered through four divisions: Compliance, Energy Services, Property Services and Construction.

The Group was founded in 1988 and is headquartered in Romford, Essex. It currently employs some 2,300 staff from 29 offices across the UK.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 15, 2018 02:00 ET (06:00 GMT)