Acquisition of FSE Fire Safety Systems Limited

RNS Number : 2378V

Marlowe PLC

02 December 2019

 

2 December 2019

Marlowe plc

Acquisition of FSE Fire Safety Systems Limited

Marlowe plc ("Marlowe" or the "Group"), the specialist services group focused on developing companies which assure safety and regulatory compliance, announces that it has acquired FSE Fire Safety Systems Ltd ("FSE") for an initial consideration of £2.4 million.  

Headquartered in Nottingham, FSE was founded in 2005 and provides a range of fire safety and security services. The business operates nationally with a large base of customers in the East Midlands area.

For the year to 31 August 2019, FSE generated revenues of £4.3 million and an adjusted PBT of £0.6 million. Net assets at 31 August 2019 were £1.2 million. The total enterprise value will comprise an upfront cash consideration of £2.4 million and a contingent cash earn out of up to £0.2 million. The acquisition will be funded from Marlowe's existing cash resources.

 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 Joint Broker) Nicholas Wells Tel: [phone] Ben Jeynes Harry Hargreaves Berenberg (Joint Broker) Ben Wright Tel: [phone] Mark Whitmore FTI Consulting Nick Hasell Tel: [phone] Alex Le May

About Marlowe plc

Marlowe is a UK leader in specialist services which assure the safety and regulatory compliance of commercial properties, whilst managing risk for businesses across the country. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated inspection, testing and compliance services. It is focused on health & safety, fire safety, security, water safety, water treatment, air quality and environmental services - all of which are vital to the wellbeing of its customers operations and are invariably governed by regulation. Marlowe currently provides services to over 15% of Britain's commercial properties and is increasingly attractive to customers who require a single outsourced, nationwide, provider of a comprehensive range of regulated safety services. Our customers can be found in most office complexes, high streets & leisure facilities, manufacturing plants and industrial estates, and include SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.

 

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