Lakesmere Group announces management buy-out

In line with the company’s leadership development plans, shareholder ownership has been extended to key members of the executive team through a structured management buy-out of Lakesmere Group Limited.Mark Davey, who founded the company in 1993, will continue to play an active role in the business, moving into the new position of chairman of the Lakesmere Group to aid in the future development and mentoring of the new board.The MBO deal includes six members of the executive management team: Mark Johnson (Group Finance Director), Matt Nicholson and David Gray (MD’s for Lakesmere South & North respectively), Ted McMullen (MD for McMullen Facades), Ed McKenzie (Commercial Director for McMullen Facades) and Ronnie Mills (Technical Director for McMullen Facades).Commenting, Mark Davey said: “The senior management team have worked for Lakesmere for many years and it gives me immense pleasure to recognise the commitment and hard work they have invested into making Lakesmere the industry leader it is today. We continue to grow in a careful and controlled manner and the business is, and will continue to be in safe hands.”Mark Johnson, Group Finance Director who successfully led the MBO on behalf of the executive team, added “It was always our intention to introduce a strategy in Lakesmere that would aid future development and drive further integration across all our business units.Operationally things will remain unchanged however the MBO will provide additional strength to the Group board, establish a clear career path for our senior staff and continue to protect the interests of all our stakeholders”.