Last checked at 27 Mar 2018 07:00
27 March 2018
Marlowe plc
Acquisition of Flamefast Fire Systems Limited
Marlowe plc ("Marlowe", the "Company" or the "Group"), the support services group focused on acquiring and developing companies that provide critical asset maintenance services, announces that it has acquired Flamefast Fire Systems Limited ("Flamefast") for a total enterprise value of £1.0 million (the "Acquisition").
Flamefast is a leading specialist in the installation and maintenance of fire suppression systems with a focus on commercial kitchen fire safety. Established in 2007, Flamefast operates nationally from headquarters in Wellingborough, Northamptonshire and employs around 50 staff. Flamefast will form part of Marlowe's Fire Protection & Security Systems division and offers complementary services to Marlowe's Air Hygiene business, which also provides services to commercial kitchens across the UK.
For the year to 30 November 2017, Flamefast reported revenues of £5.1 million, profit before tax of £0.1 million, gross assets of £2.2 million and net assets of £0.2 million. At 28 February 2018, Flamefast had adjusted net assets of £1.0 million. The total enterprise value comprises a single upfront cash payment and will be financed from the Group's existing cash resources. The key members of Flamefast's operational management team will be staying with the business.
For further information:
Marlowe plc | www.marloweplc.com |
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Alex Dacre, Chief Executive | Tel: +44 (0) 203 841 6194 |
Mark Adams, Group Finance Director | IR@marloweplc.com |
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Cenkos Securities plc (Nominated Adviser and Broker) | |
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Nicholas Wells | Tel: +44 (0)20 7397 8900 |
Elizabeth Bowman
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FTI Consulting | |
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Nick Hasell | Tel: +44 (0)20 3727 1340 |
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.