The boardroom of construction company Lakehouse has been reshuffled following an ongoing campaign to oust certain directors.

A campaign was launched by the company's founder Steve Rawlings and major shareholder Slater Investments to remove and replace members of Lakehouse's board last month.

A profit warning was issued by the company earlier this year after a decision to float shares on the stock exchange resulted in share prices dropping from 98p to a low of 33p in February.


However, while Lakehouse blamed budget cuts to the social housing sector, Mr Rawlings and Slater cited a 'serious governance deficit' was to blame.

The boardroom removal was due to be voted on at a shareholders' meeting this week.

However, in a statement released today, 18 April, Lakehouse said: "The Board of Lakehouse today announces that, following discussions with Slater Investments Limited and Steve Rawlings, the parties have reached agreement on the composition of the Board of Directors of the Company."

Non-executive chairman Chris Geoghegan will leave the board, with Steve Rawlings, Ric Piper and Robert Legget joining as new Non-Executive Directors.

(LM)