Lakehouse appoints new chairman

Lakehouse has appointed Robert Holt as chairman of the asset and energy support services group following a "challenging" start to the year.

Ric Piper will step down as non-executive chairman but will continue as a non-executive director.

It follows the resignation of chief executive Stuart Black on 21 April. The company said it was seeking a "suitable long-term executive management solution for Lakehouse and is pleased to have brought this to a conclusion with Mr Holt's appointment".

Holt currently serves as a non-executive chairman of Mears, in which he has a controlling interest. He helped to float the company on AIM and grow the business to achieve annual revenues in excess of £880m in the year ended 31 December 2015 and a market capitalisation of over £380m at 21 July 2016.

He also serves as non-executive chairman of Inspired Energy plc, Herbert T. Forrest Limited, DX Group, Inprova Group Limited and Totally.

In May the group reported a 42% plunge in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to £5.1m, reflecting difficult trading conditions in the group’s Regeneration division as a result of reduced client budgets and changes in procurement structures.

“…Lakehouse has had a challenging start to 2016, brought about by market headwinds and operational challenges, combined with some disruption internally, as the composition of the Board was resolved,” the company said in a statement on Friday.