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Sureserve Group Ltd
FormerlySureserve Group plc
Company typePrivately held company
Industry
  • Housing
  • Construction
  • Energy
Founded1988 (1988)
HeadquartersHolborn, London, England
Area served
UK
Key people
Graham Levinsohn, Chief Executive Officer
Services
RevenueIncrease £275.1 million (2023)[1]
Number of employees
2,800 (2023)
DivisionsCompliance, Energy Services
Websitewww.sureservegroup.co.uk

Sureserve Group (formerly Sureserve Group plc and Lakehouse plc)[2] is the UK’s leading provider of energy and compliance services to the social housing sector, providing services to homes and businesses across the UK.[3] It was founded in 1988 and as of May 2023, it employed around 2,756 staff in 33 UK offices.[4]

The group offer services in regeneration, compliance, energy services, and construction[5] to the housing, education, public and commercial buildings sectors, with a focus on the UK public sector and regulated markets.

History

[edit]

Sureserve, which was known as Lakehouse until September 2019, was founded in 1988 and has headquarters in Dartford.[6]

Between 2011 and 2015, Lakehouse acquired ten complementary businesses to expand geographically and provide broader services. In 2011 Lakehouse acquired gas compliance services provider K&T Heating.[7][8] In 2012 it acquired fire compliance business Allied Protection.[9][10] Foster Property Maintenance was acquired in 2013.[7][11] In 2014 it acquired energy services provider Everwarm, who also install electric vehicle charging infrastructure and solar PV systems.[12][13][14] and water and air compliance services provider H2O Nationwide.[15] In 2015 it acquired smart metering specialists Providor,[16][17][18] energy services broker and energy management service provider Orchard Energy,[19][20] gas compliance services businesses Sure Maintenance[21][22] and Aaron Heating,[8][23][24] and lift compliance services provider Precision Lifts.[25][26]

Lakehouse floated on the London Stock Exchange in March 2015.[27]

In July 2017, Lakehouse confirmed that its fire compliance business, Allied Protection, was engaged by Royal Borough of Kensington and Chelsea in January 2017 to certify installed fire safety systems in Grenfell Tower,[28] destroyed by a large fire on 14 June 2017. Allied was satisfied the system was maintained in accordance with the requirements and all evidence presented to date indicates that it performed as it was designed to do. Allied was however not responsible for the specification of the system.

In August 2018, Lakehouse sold its construction and property services operations, Lakehouse Contracts, employing 236 staff, for £500,000 to a newly formed company, Mapps Group Limited.[29]

On 1 October 2018, Lakehouse announced it had changed its name to Sureserve Group plc.[30][31] The group decided on the name change following the sale of its construction and property services operations to a new firm, Mapps Group, which continued trading under the Lakehouse name.[32]

In October 2018, ten people were charged as part of a fraud investigation relating to two contracts between Lakehouse and Hackney Homes relating to work in 2013–2014. During the case, Lakehouse confirmed it was cooperating with the Met’s fraud investigation and there is no suggestion of fraud on Lakehouse's part.[33]

In January 2019, as its ex-owners, Sureserve announced it had set aside £2.5m for possible claims on projects carried out by the new business and had written off the £500,000 sale price to zero "in light of the weak performance of the activities since."[34] In March 2019, Lakehouse Contracts entered administration[35] and ceased trading.[36] In June 2019, Sureserve said it had set aside £5.4m in provisions following the sale and subsequent collapse of the Lakehouse business.[37]

After five years at Sureserve, during which time he was credited with turning round the formerly struggling business, Bob Holt stepped down as chairman and CEO in March 2021.[38] Peter Smith was appointed CEO in November 2021, according to MarketScreener.[39]

In April 2023, London private equity group Cap10 launched a £214m takeover bid for Sureserve.[40] The all-cash acquisition was recommended and agreed by board members of both Sureserve and Cap10 4NetZero Bidco (Bidco).[41] Sureserve Group plc was acquired in a Public-to-Private transaction by Cap10 Partners in 2023 and became Sureserve Group Ltd.[42]

Following the takeover bid by Cap10, Graham Levinsohn was appointed Executive Chair & CEO of Sureserve Group in July 2023.[43][44]

In November 2023, Sureserve Group signed a deal for the entire issued share capital of Swale Heating Holdings Limited and its subsidiary Swale Heating Limited, a heating solutions business operating across the Southeast, London and East Anglia.[45]

In April 2024, it acquired Duality Group, a holding group with a portfolio of companies in the installation and maintenance of energy services for the residential and commercial sectors.[46] The takeover aimed to increase Sureserve's offer in renewable energy services across the UK.

Awards

[edit]
  • Building Contractor of the year 2010[47]
  • Lord Mayor's Dragon Award 2011[48]
  • Building Diversity Champion of the Year 2011[49]
  • Responsible Business of the Year Community 2013[50]
  • Building Contractor of the year 2013[51]
  • Constructing Excellence Supply Chain of the Year 2013[52]
  • Construction Marketing Awards 2014 Best Branding and Positioning and Marketing Team of the Year[53]
  • Housing Excellence Customer Service Award 2015[54]

References

[edit]
  1. ^ "Sureserve hails annual rises in both revenue and profit". Msrketscreener.com. Retrieved 24 January 2023.
  2. ^ "Sureserve agrees all-cash takeover offer from private equity firm". Proactiveinvestors UK. 21 April 2023. Retrieved 21 July 2024.
  3. ^ "Hill Dickinson advises Duality Group shareholders on sale to Sureserve". Hill Dickinson. April 2024. Retrieved 21 July 2024.
  4. ^ Picton, Catrin (16 May 2023). "Sureserve profit increases as takeover confirmed". Construction News. Retrieved 21 July 2024.
  5. ^ "Contractor appoints new chief executive | News | Inside Housing". www.insidehousing.co.uk. Retrieved 20 April 2016.
  6. ^ "Sureserve agrees all-cash takeover offer from private equity firm". Proactiveinvestors UK. 21 April 2023. Retrieved 21 July 2024.
  7. ^ a b "Lakehouse acquires Wisbech property company". Insider Media Ltd. Retrieved 20 April 2016.
  8. ^ a b "Lakehouse acquires K&T Heating Services". www.theconstructionindex.co.uk. Retrieved 20 April 2016.
  9. ^ "Lakehouse swoops for Burgess Hill business". Insider Media Ltd. Retrieved 20 April 2016.
  10. ^ "Lakehouse buys fire alarm firm". www.theconstructionindex.co.uk. Retrieved 20 April 2016.
  11. ^ "East Anglian acquisition for Lakehouse". www.theconstructionindex.co.uk. Retrieved 20 April 2016.
  12. ^ "Funding for electric charging points available for businesses in Scotland". Sureserve Group. Retrieved 22 January 2020.
  13. ^ "Everwarm win Regional Solar PV Installer of the Year 2017". Sureserve Group. Retrieved 22 January 2020.
  14. ^ "Everwarm in all-share merger with Lakehouse". Herald Scotland. Retrieved 20 April 2016.
  15. ^ "Lakehouse catches legionella specialist". www.theconstructionindex.co.uk. Retrieved 20 April 2016.
  16. ^ "Lakehouse buys 130-strong smart metering business". Insider Media Ltd. Retrieved 20 April 2016.
  17. ^ "Lakehouse buys smart metering firm in £4.75m deal". Construction News. Retrieved 20 April 2016.
  18. ^ "Lakehouse Snaps Up Smart Metering Services Company Providor". www.lse.co.uk. Retrieved 20 April 2016.
  19. ^ Hill, Nick. "Lakehouse acquire West Yorkshire's Orchard (Holdings) UK for £7m". Bdaily Business News. Retrieved 20 April 2016.
  20. ^ "Lakehouse acquires Orchard (Holdings) UK | 13 July 2015 | Stock Market Wire". www.stockmarketwire.com. Retrieved 20 April 2016.
  21. ^ Hodgson, Neil. "Garston-based Sure Maintenance acquired in £8.85m deal". liverpoolecho. Retrieved 20 April 2016.
  22. ^ "Lakehouse Plc Acquires Sure Maintenance Group - Quick Facts". RTTNews. Retrieved 20 April 2016.
  23. ^ "Lakehouse To Pay Up To GBP10 Million For Aaron Heating Services". MorningstarUK. Retrieved 20 April 2016.
  24. ^ Brodie, Duncan. "Ipswich-based Aaron Heating Services to be acquired by Lakehouse". Ipswich Star. Retrieved 20 April 2016.
  25. ^ "Lakehouse buys lift specialist". www.theconstructionindex.co.uk. Retrieved 20 April 2016.
  26. ^ "Lakehouse buys lift specialist Precision | Construction Enquirer". www.constructionenquirer.com. Retrieved 20 April 2016.
  27. ^ Wallace, Tim (19 March 2015). "Lakehouse hits £140m on stock market flotation". www.cityam.com. Retrieved 3 May 2016.
  28. ^ "Lakehouse rebuts Hackney's attack". The Construction Index. 5 July 2017. Retrieved 5 July 2017.
  29. ^ Prior, Grant (19 August 2018). "Lakehouse sells construction and services arm for £500,000". Construction Enquirer. Retrieved 20 August 2018.
  30. ^ "Trading Statement, Change of name". London Stock Exchange. 1 October 2018. Retrieved 1 October 2018.
  31. ^ "New name for Lakehouse". The Construction Index. 1 October 2018. Retrieved 1 October 2018.
  32. ^ Marshall, Jordan (10 October 2018). "Ten people charged over Lakehouse fire alarm fraud investigation". Building. Retrieved 4 August 2024.
  33. ^ Jordan, Marshall (10 October 2018). "Ten people charged over Lakehouse fire alarm fraud investigation". Building. Retrieved 10 October 2018.
  34. ^ Prior, Grant (22 January 2019). "Sureserve sets aside cash for Lakehouse contracts". Construction Enquirer. Retrieved 23 January 2019.
  35. ^ Prior, Grant (12 March 2019). "Lakehouse Contracts applies for administration". Construction Enquirer. Retrieved 12 March 2019.
  36. ^ Prior, Grant (14 March 2019). "Lakehouse Contracts ceases trading". Construction Enquirer. Retrieved 14 March 2019.
  37. ^ Prior, Grant (25 June 2019). "Sureserve sets aside cash after Lakehouse sale". Construction Enquirer. Retrieved 25 June 2019.
  38. ^ Morby, Aaron (18 March 2021). "Sureserve chairman Bob Holt makes sudden exit". Construction Enquirer. Retrieved 18 March 2021.
  39. ^ MarketScreener (4 November 2021). "Sureserve Group plc Announces Appointment of Peter Smith as Chief Executive Officer - MarketScreener". in.marketscreener.com. Retrieved 21 July 2024.
  40. ^ Morby, Aaron (21 April 2023). "London private equity firm launches bid for Sureserve". Construction Enquirer. Retrieved 24 April 2023.
  41. ^ Butler, Rory (29 November 2023). "Sureserve Group acquires Swale Heating Limited". Construction Wave. Retrieved 21 July 2024.
  42. ^ Hextall, Claire (11 April 2024). "Cowgills Deal Advisory advise the shareholders of Duality Group on their sale to Sureserve Group". Cowgills. Retrieved 21 July 2024.
  43. ^ Butler, Rory (29 November 2023). "Sureserve Group acquires Swale Heating Limited". Construction Wave. Retrieved 21 July 2024.
  44. ^ "PriestleySoundy advises Graham Levinsohn, EC & CEO of Sureserve - Priestley Soundy". 18 December 2023. Retrieved 21 July 2024.
  45. ^ Butler, Rory (29 November 2023). "Sureserve Group acquires Swale Heating Limited". Construction Wave. Retrieved 21 July 2024.
  46. ^ Joseph, Irien (11 April 2024). "Cap10-backed Sureserve adds on Duality Group". PE Hub Europe. Retrieved 21 July 2024.
  47. ^ "Building Awards 2010: The winners". Building. Retrieved 20 April 2016.
  48. ^ "Lakehouse | Lord Mayor's Dragon Awards". www.dragonawards.org.uk. Retrieved 20 April 2016.
  49. ^ Smith, Alex. "ODA wins treble at Building Awards". Building. Retrieved 20 April 2016.
  50. ^ "Contractor of the year (up to £300m)". Building. Retrieved 20 April 2016.
  51. ^ "Lakehouse - Santander Responsible Small Business of the Year 2013". Business in the Community. Retrieved 20 April 2016.
  52. ^ "2014 Winners |". www.cmawards.co.uk. Retrieved 20 April 2016.
  53. ^ "Constructing Excellence in the South East Awards 2013". crofton-design.co.uk. Retrieved 20 April 2016.
  54. ^ "Customer Service Award - Housing Excellence Awards". Housing Excellence Awards. Retrieved 20 April 2016.
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