Marlowe PLC Acquisition of Morgan Fire Protection Limited (0636A)

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RNS Number : 0636A

Marlowe PLC

25 September 2020

Marlowe plc

Acquisition of Morgan Fire Protection 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 Morgan Fire Protection Limited ("Morgan Fire") for a net consideration of GBP5.0m.

Morgan Fire, based in Hertfordshire, provides a range of fire safety services predominantly to SMEs in and around London and southeast England. Morgan Fire employs 55 staff and adds further scale and capability to Marlowe's Fire division.

The business generated revenues of GBP4.3m and adjusted EBITDA of GBP0.8m in the year to 31 March 2020. It had net assets of GBP1.3m as at 31 July 2020. The acquisition will be funded from Marlowe's existing cash resources.

For further information:

 
Marlowe plc                                    www.marloweplc.com 
Alex Dacre, Chief Executive             Tel: +44 (0) 203 813 8498 
Mark Adams, Group Finance Director              IR@marloweplc.com 
 
Cenkos Securities plc (Nominated Adviser 
 and Joint Broker) 
Nicholas Wells                              Tel: +44 (0)20 7397 8900 
Ben Jeynes 
Harry Hargreaves 
 
Berenberg (Joint Broker) 
Ben Wright                                       Tel: +44 (0)20 3207 
                                                  7800 
Mark Whitmore 
 
FTI Consulting 
Nick Hasell                                      Tel: +44 (0)20 3727 
                                                  1340 
Alex Le May

About Marlowe plc

Marlowe is a UK leader in specialist services which assure safety and regulatory compliance, 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, compliance software, employment law & HR compliance, fire safety, security, water treatment & hygiene, air quality and occupational health 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 premises and is increasingly attractive to customers who require a single outsourced, nationwide, provider of a comprehensive range of regulated compliance and 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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