Acquisition of Island Fire Protection Limited

RNS Number : 8487L

Marlowe PLC

24 April 2018

 

24^th April 2018 

Marlowe plc

Acquisition of Island Fire Protection Limited

Marlowe plc (ÒMarloweÓ or the ÒGroupÓ), the support services group focused on acquiring and developing companies that provide critical asset maintenance services, announces that it has acquired Island Fire Protection Limited (ÒIsland Fire") for a total enterprise value of up to £1.1 million.

Based in Birmingham, Island Fire was founded in 1991 and provides a portfolio of fire protection services including the installation and maintenance of fire alarms and extinguishers to customers nationally.

For the year to 30 April 2017, Island Fire reported revenues of £2.1 million and profit before tax of £0.3 million and had year-end net assets of £0.5 million. The total enterprise value of up to £1.1 million comprises an upfront cash consideration of £0.9 million and a cash earn-out expected to be in the region of £0.2 million. The acquisition will be financed from the GroupÕs 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 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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