Share Name Share Symbol Market Type Share ISIN Share Description
Lakehouse LSE:LAKE London Ordinary Share GB00BSKS1M86 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 35.00p 0 01:00:00
Bid Price Offer Price High Price Low Price Open Price
35.00p 37.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 299.53 -3.05 55.1

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Date Time Title Posts
27/3/201915:26Lakehouse - asset and energy support services group939
19/9/201820:36Lakeside Distillery-
10/6/201223:30Cumbria's Great!8

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Lakehouse (LAKE) Top Chat Posts

damo88: We need a new leader for this business Bon Holt is past his sell by date now - despite all the hype, the share price is no where near where he was targeted and incentivised for it to be Other businesses he is involved with have tanked - including Forrest, DX Mears have exited him It seems to me he has lost interest and needs to go
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.
cerrito: I have to say my heart sank when I saw a Trading Update on an August Friday afternoon which generally means very bad news. I took this as broadly positive and good that the deal had been put to bed pretty quickly and let's hope that indeed no further impairments will be needed. I do not see much happening to the share price till we get the next financials.
cerrito: Edison have issued a pretty thorough and sensible report. Emphasize importance of putting to bed the two disposals for construction and property setvices and surmise could take up to one year. Cannot find a specific target share price but notes that Lake trades at a lower prospective pe than its peers; also note that it estimates operating profit raising from £7.4m last year to a base case of £9.4m on 2020- ie given the recent history quite a slow increase and the report also suggests that it's current financial strength is somewhat less than optimal. All in all happy with my current holding.
sdtreble: I agree Vfast, I thought the general results were solid enough although I did sell this morning due to:1. No dividend being paid (although I understand why)2. I would like to see the remainder of the exited property services contracts being wrapped up with the final financial impact being known.3. I simply don't think the share price will do much for next 6 months.Overall I do think Bob Holt will turn this company around, I will put on watchlist and probably revisit in 6 months or buy on any significant weakness between then.
diduno: What Edmond Jackson fails to take into account, probably because he doesn't know, is that the regeneration arm, now property services arm, lost some very large local authority clients in the wake of the Hackney Homes/Lakehouse fraud, the investigation into which is still to be completed and proceedings commenced. If Mr Jackson still believes the share price will double in two years, he is either mistaken due to lack of knowledge, or he has a large holding for which he hopes to boost the price. Either way, I strongly believe there could be a collapse in the price once proceedings commence and the full extent of fraud becomes public knowledge.
igoe104: Lakehouse is drafting in Bob Holt to try and turnaround the company’s fortunes. Holt was the driving force behind rival Mears and is still non-executive chairman of the company. Lakehouse has faced a tumultuous year of profits warnings, boardroom coups and senior management changes. The company said: “The Board believes that the Group requires experienced executive leadership to navigate the business through the current challenging market conditions whilst also setting a clear strategic direction for the Group over the medium term. “The Board of Lakehouse believes that Mr Holt’s expertise and background in the support services industry, in particular his knowledge, considerable experience of and reputation in the sector in which the Company’s principal business operates and his track record of turning around underperforming companies, will be invaluable to the Group going forward.” Lakehouse will ask shareholders to agree Holt’s appointment as Executive Chairman at a meeting next month. Holt will continue in his current role at Mears and will be paid £225,000 a year by Lakehouse in salary and consultancy fees. Holt will also receive 2,307,692 Lakehouse share on joining and a bonus share pot worth more than £4m if the company passes a share price target of 98.4p by January 2019. The company’s current share price is 23.5p having floated last year at 89p. Robert Legget, Senior Independent Non-Executive Director and Acting Chairman of the Remuneration Committee of Lakehouse said: “We are delighted that we have attracted a very senior candidate of the calibre of Bob Holt. “He is a sector specialist, has a proven track record of operational expertise and is expected to be key to helping Lakehouse restore value to our shareholders. “We are confident shareholders will recognise his potential positive contribution and support his appointment.” Holt said: “I’m delighted to be joining the Board of Lakehouse and believe that my experience in the areas in which the Group operates will be of benefit. “The Board is committed to return significant shareholder value and I look forward to working with the team to deliver that strategy.”"
pammiekins1: Staverley, I take it then that you are an accountant or have training on the financial side of a business. If not, I suggest you read the following by Paul Scott of Stockopedia, who is a trained accountant btw. Lakehouse (LON:LAKE) Share price: 35p No. shares: 157.5m Market cap: £55.1m (at the time of writing, I hold a long position in this share) Meeting - A friend very kindly arranged for a small group of us to meet the new Chairman and existing FD at Lakehouse (LON:LAKE) last Friday afternoon. They were very generous with their time, and over 2 hours we delved into all aspects of the business. My feeling is that the very public board room bust-up is now water under the bridge. So I was keen to move the meeting on to talking about the future. The new Chairman, Ric Piper seems an ideal choice for a business that has experienced considerable recent upheaval. His calm, avuncular manner, and methodical approach to the numbers (being a Chartered Accountant), is just what's needed in my view. He seems to have already established an excellent rapport with the FD. A new CEO is being sought, with the role currently vacant. I like the idea of a new CEO coming into a situation where there is a strong Chairman/FD partnership already in place. This should point the new CEO in the right direction from day 1. I came away reassured that there is no issue with the bank funding. We ran through the bank covenants, and there seems to be plenty of headroom there. So it's not a crisis situation. It's a recovery situation. That was reflected in the 1p interim divi, and guidance of a 2p final divi in due course. So the yield is close to 10% - a very nice catalyst to push up the share price. The negative cashflow in H1 seems to have been a one-off, due to the unwinding of a favourable working capital profile on a big contract in Hackney that has now finished. The customer paid cash in advance of LAKE paying its sub-contractors. So the closure of that contract obviously sees that favourable situation unwind. Seasonality automatically benefits H2 (the summer months, Apr to Sep), so in this particular case, the expected H2 weighting for profits is justified. A good example is gas maintenance contracts. The revenue is recognised monthly, in equal instalments. However the costs (mainly call-outs) occur during the winter. Therefore in the summer months (the company's H2), these contracts are highly profitable.
masurenguy: Slater Investments Ltd EGM Statement RNS Number : 7965T 01 April 2016 On 31st March 2016 Slater Investments Limited and Steve Rawlings issued a statement to Lakehouse shareholders commenting on the proposed Extraordinary General Meeting to be held on 19th April 2016. Mark Slater of Slater Investments commented "We have requisitioned this General Meeting to address the serious governance deficit on Lakehouse's Board with a view to restoring shareholder value through the proposed appointment of the new Non- Executive Directors. The Board has attacked the proposed candidates in its circular to shareholders despite making very different noises in private and has argued that if we are successful the newly configured Board will not be compliant with the UK Corporate Governance Code. The proposed candidates have committed to addressing the balance between Executive and Non-Executive directors in due course. However, they will initially focus on far more important issues. Corporate governance is not just about box-ticking." Steve Rawlings commented "I founded Lakehouse in 1988 and have become deeply concerned by recent events as my family has a substantial investment in the Company. The business has great potential and I hope to be able, along with Ric Piper and Robert Legget, to help get Lakehouse back on track and then to fulfil its considerable potential." Shareholders are urged to vote in favour of the resolution Thursday, 31 March 2016 Dear Lakehouse Shareholder, You received a notice of seven ordinary resolutions to be considered, and if thought fit, passed at the forthcoming requisitioned General Meeting of Lakehouse plc ("Lakehouse" or "the Company") at the offices of Eversheds at 1 Wood Street, London EC2V 7WS on 19th April 2016 at 2.30pm. We have called a General Meeting to address the serious governance deficit on the Board by proposing the appointment of individuals with the skills necessary to assist the executives in restoring shareholder value. We ask you to support our resolutions to remove three Non-Executive Directors and replace them with three very capable candidates - Steve Rawlings, Robert Legget and Ric Piper. Please vote in favour of all resolutions. Why are we taking action now? Lakehouse's history as a public company is short and disappointing. Lakehouse listed on 23rd March 2015 at a price of 89p per ordinary share. On 10th December 2015, Stuart Black, at the time the Company's Executive Chairman, reported that "the Board remains confident for the current financial year." Only eight weeks later, on 1st February 2016, the same Board issued a major profit warning. The share price fell 58% from 84p to 35p. Since we requisitioned this General Meeting the shares have rallied a little. We do not believe that the Board has a firm grip on the Company and its prospects. We believe that our three candidates for the Board will bring much needed perspective, experience and energy to the Company and enable it to realise its potential. We believe the proposed candidates will be able to identify quickly action that is needed and to develop, with the executives, a strategy to restore shareholder value. The Board Response to our action The Board's response to our calling a meeting of the shareholders was received badly by the stockmarket. Crucially, the Board did not address its own disastrous stewardship of Lakehouse and failed to offer any positive reasons why it deserves your support. Instead, the Board questioned the suitability of the individuals we proposed. Privately, however, the Board thought differently and decided two of them were suitable as Non-Executive Directors in the event we abandoned the Requisition. The new Non-Executive Directors Steve Rawlings has demonstrated a lifetime of successful entrepreneurship and accomplishment. In 1988 he founded Lakehouse leaving the Board in 2015 following a successful flotation on the London Stock Exchange with a turnover of over £300M. He is also the founder and lifetime president of Building Lives Foundation - a charitable trust delivering training and jobs in the construction industry to hundreds of unemployed Londoners. His achievements have been recognised by numerous awards, including Building Contractor of the Year (twice), two Queen's Awards and inclusion in the Sunday Times top 100 best companies to work for. Steve remains the largest shareholder in Lakehouse and has spent most of his working life developing its business. He is, therefore, both highly motivated and very well qualified to help restore value. Robert Legget co-founded Progressive Value Management Limited in 2000 and is Managing Director. His firm specialises in creating value and liquidity for institutional investors from illiquid holdings in underperforming companies. In this role he has had significant engagement with public company boards. He was a director of Quayle Munro Holdings plc and Foreign & Colonial Private Equity Trust plc. We believe his experience in turning around underperforming companies will be of considerable value to the Company. Ric Piper qualified as a Chartered Accountant in 1977. His current directorships include being Senior Independent Director at Matchtech (since 2006) and Waterman (since 2013). He has held senior finance roles in ICI, Citicorp and Logica, becoming Finance Director of Logica (UK). He was Group Finance Director of WS Atkins from 1993 to 2002. He has been involved at Board level and has advised on the growth and development of Main Market, AIM and privately owned companies. Ric is a partner at Restoration Partners and a member of the Financial Reporting Review Panel. His broad-based experience as a non-executive director and of growing and developing companies will, we believe, be invaluable to Lakehouse. What will the new Non-Executive Directors do? If the individuals we have nominated are elected to the Board, we believe that they will focus initially on the critical questions of what has gone wrong at Lakehouse and how best to get the Company back on track. This is the best way to restore shareholder value. They have also committed to addressing, in due course, the ratio of executive and Non-Executive Directors to ensure compliance with best practice and the UK Corporate Governance Code. What action should shareholders take? We urge you to vote in favour of all seven resolutions to be proposed at the General Meeting as we intend to do in respect of 33,968,128 Ordinary Shares of 10 pence each held by us (21.56 % of the issued share capital). We believe that the approval of these resolutions will greatly enhance the chances of improving the value of Lakehouse for the benefit of all shareholders. Yours faithfully, Steve Rawlings of Building Lives Training Academy, The Gateway Centre, 66 Lancaster Street, London SE1 0RZ Slater Investments Limited of Nicholas House, 3 Laurence Pountney Hill, London EC4R 0EU For comments please contact Steve Rawlings on 07860 435 999 or Lisa Letham from Slater Investments Limited on 020 7220 9460.
rivaldo: Good summary in today's Shares Magazine: "Lakehouse sell-off overdone OLD 2016 FORECASTS Earnings per share 12.4p Dividend per share 4.2p NEW 2016 FORECASTS Earnings per share 9.9p Dividend per share 3.5p Source: Peel Hunt A shock collapse in the share price of social housing specialist Lakehouse (LAKE) should be leaving investors scratching their heads. Based on earnings forecasts for the financial year to 30 September 2016, Lakehouse traded on a price-to-earnings ratio of eight before a trading update released on 1 February 2016. After the statement, when shares plunged 60% to 35p because of a slowdown in Lakehouse’s Regeneration division, the business now trades at three-and-a-half times earnings – even on downgraded forecasts. Either the market or the forecasts are wrong. The answer, in our view, is a bit of both and overall we are bullish on the stock. While it is possible earnings per share forecasts from house broker Peel Hunt will fall further from a revised 9.9p (down from 12.4p), we don’t anticipate Lakehouse facing the kind of existential threat its market value now seems to imply. This is a business with a high quality, well aligned management team, a reasonably strong balance sheet and a presence in markets that should be fairly predictable over the longer term. Management is a particular strength at Lakehouse. Executive chairman Stuart Black, former chief executive of market leading social housing and home care outfit Mears (MER), has set out a clear strategy to build the business via acquisition through the £23.1 million of funds raised via a March 2015 IPO, as well as a £45 million debt facility. Lakehouse has grown from a £50 million turnover business in 2009 when Black took the top job to a national contractor delivering £340 million in sales in the last 12 months. Founder and philanthropist Steven Rawlings, who is no longer involved in the day-to-day running of the business, owns 15.5%. And a number of current managers of the business also have personal shareholdings totaling at least 18%. Lakehouse’s balance sheet is not exactly the Rock of Gibraltar but it’s not dangerously weak either. Joining the market in March 2015, it started life as a public company with no debt and reported a net cash position of £6.6 million in full-year results reported in December 2015. Two acquisitions that totalled £12.2 million post-year-end may see the business move into a net debt position when interim results are reported later this year. It’s worth noting that Mears, operating in a similar market, runs net debt at around 1.4 time earnings before interest, tax, depreciation and amortisation (EBITDA), indicating considerable further borrowing capacity at Lakehouse, if required. Finally, Lakehouse operates in markets with recurring revenue, underpinned by government spend which is generally non-discretionary in nature. Housing regeneration, compliance with health and safety regulations and its small scale public construction unit offers a decent selection of largely defensive sectors. It’s worth pointing out that property support service companies do not have a glittering track record on public markets. While we would argue they were different kinds of business to Lakehouse, previously listed entities including Erinaceous and Connaught disappeared without a trace and this is a risk worth considering by all investors. SHARES SAYS:  A blip and a more attractive entry point, in our view. Buy at 35p."
Lakehouse share price data is direct from the London Stock Exchange
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