Lakehouse buys heating company in £10 million deal

Mon, 02 Nov 2015 | BUSINESS SALE

The assets and energy support services group Lakehouse has completed a multi-million pound acquisition of Aaron Heating Services.

Based in East Anglia, Aaron Heating Services employs almost 400 people and provides installation and servicing for heating systems. It has been bought by Lakehouse for an initial cash sum of £6.7 million and a further deferred consideration of up to a maximum of £3.3 million, Insider Media reported.

In the year to 31 March 2015 Aaron reported a turnover of £26.3 million, with a pre-tax profit of £900,000.

The business acquisition will extend Lakehouse's geographical reach as it attempts to strengthen its nationwide energy service offerings. Furthermore, the deal complements the current activities of Lakehouse's other gas compliance businesses: K&T Heating and Sure Maintenance.

Dawn and Allan Wright founded Aaron back in 1985. In the 30 years since, the firm has grown to include a workforce of 390 people, with the majority of the staff being engineers. Its company headquarters are in Ipswich but the business also has regional offices in Essex, Norfolk, Northamptonshire and Lincolnshire.

The Wright family own the business but it is run by managing director David Lummis and commercial director Jon Posey. Both Lummis, Posey and the rest of the current management team will reportedly remain with the business post-acquisition.


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