Lakesmere seals acquisition deal

SPECIALIST contractor Lakesmere has acquired the trade and assets of Northern Ireland façade contractor McMullen Architectural Systems.
The acquisition follows deterioration in the company’s financial performance resulting from a combination of a downturn in the construction sector, increased pressure on margins, and significant investments made into foreign markets.
Lakesmere said it will seek to protect 133 jobs in Northern Ireland as well as McMullen’s contracting staff throughout the UK. The company and its assets will be transferred to a new subsidiary, McMullen Facades Ltd, and will become part of the Lakesmere group of companies.
McMullen has been involved with projects such as the Stirling Prize-winning Evelyn Grace Academy in London and Obel, the tallest building in Ireland.
Mark Davey, Lakesmere’s managing director, said: “I have known and respected Ted McMullen and his team for many years. They have a strong heritage in the specialist facades marketplace and we intend to ensure that the name and reputation of the company lives on as part of the Lakesmere Group.
“There are natural synergies between our businesses which will enable Lakesmere to offer clients an enhanced range of services in both the UK and internationally where Lakesmere has built a significant reputation in recent times.”