Acquisition of Forest Environmental

RNS Number : 5978O

Marlowe PLC

18 May 2018

 

18 May 2018 

Marlowe plc

Acquisition of Forest Environmental

Marlowe plc ("Marlowe" or the "Group"), the support services group focused on acquiring and developing companies that provide critical asset maintenance services, announces that it has acquired the business and assets of Forest Environmental Limited ("Forest") from its administrator for a cash consideration of £0.5 million.

Founded in 1993 and based in London, Forest provides environmental services and asbestos remediation to customers across the UK.

In the year to 30 June 2017, Forest recorded revenues of £13.1 million, profit before tax of £0.1 million, adjusted profit before tax of £0.3 million and net assets of £1.3 million. The Group anticipates that, in the first year of ownership, Forest's revenues will be lower than the level achieved in the year to 30 June 2017.

Following the Group's acquisition of Ductclean UK in July 2017, the acquisition of Forest's business and assets further extends the Group's leading position within the UK asbestos remediation market. Forest services a broad base of predominantly large organisations in both the private and public sectors, with a focus on transport, education, landmark public buildings and facilities management.

For further information:

Marlowe plc	www.marloweplc.com
Alex Dacre, Chief Executive	Tel: [phone]
Mark Adams, Group Finance Director	[e-mail]
Cenkos Securities plc (Nominated Adviser and Broker)
Nicholas Wells	Tel: [phone]
FTI Consulting
Nick Hasell	Tel: [phone]
Alex Le May

About Marlowe plc

Marlowe is an AIM-listed company formed to create sustainable shareholder value through the acquisition and development of businesses that provide critical asset maintenance services in the UK.  It is focused on fire protection, security systems, water treatment and air hygiene services - which are essential to its customers' operations and invariably governed by regulation, and where customers require a single specialist outsourced provider with nationwide coverage. Our customers can be found on most high streets, in office complexes and industrial estates, and include SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.

 

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