StockMarketWire.com - Lakehouse, the asset and energy support services group, has acquired Orchard (Holdings) UK Ltd for an initial cash consideration of £7.0m.

Orchard is a leading UK energy broker and energy management services provider and the acquisition further expands the Group's Energy Services division's broad, nationwide offering.

Orchard provides advice to corporate clients in relation to managing their energy costs, particularly energy procurement and usage. In addition, Orchard provides energy management services to commercial and industrial customers, including brokering supply with utilities firms, managing contracts and advising on energy consumption.

Orchard has strong commercial relationships with the leading UK utilities providers. The business employs 78 staff and is based in Elland, West Yorkshire, with offices in Glasgow, Bristol, Newcastle and Northampton.

Under the terms of the acquisition, the consideration comprises an initial amount payable in cash on completion of £7.0 million and a further deferred consideration of up to £3.0 million, payable on the basis of Orchard's financial performance in period up to 30 September 2017.




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