Acquisition of Future Water Limited

RNS Number : 2479E

Marlowe PLC

08 February 2018

 

8 February 2018

Marlowe plc

Acquisition of Future Water Limited

Marlowe plc ("Marlowe" or the "Company"), the support services group focused on acquiring and developing companies that provide critical asset maintenance services, announces that it has acquired Future Water Limited ("Future Water"), a provider of water treatment and hygiene services based in Milford, Derbyshire.

Founded in 2007, Future water employs 25 staff and provides services to a range of sectors including hospitality, healthcare and industrial customers.

Future Water is being purchased for a total consideration of up to £640,000 on a debt-free, cash-free basis, comprising initial cash consideration of £490,000 and a contingent cash earn-out capped at £150,000. The acquisition will be funded from Marlowe's existing cash resources.

For the 12 months to 30 April 2017, Future Water reported unaudited revenues of £1.55 million and unaudited profit before tax of £0.15 million, with unaudited gross assets of £0.41 million as at period end.

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]
Elizabeth Bowman
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 and water treatment 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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