Marlowe Regulatory News (MRL)

9 March 2020

Marlowe plc

Acquisition of Managed Occupational Health 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 Managed Occupational Health Limited ("MOH"), for an enterprise value of up to £3m.

Established in 2004 and headquartered in Norwich, MOH is a leading national provider of occupational health services. MOH employs approximately 70 staff, including 40 technicians, nurses and doctors who provide recurring occupational health advice, assessments and monitoring to help employers comply with health and safety legislation and assure the physical and mental health and wellbeing of their employees. The business works across a broad range of sectors including education, financial services and food processing. The acquisition marks a further step in Marlowe's strategy of building an end-to-end provider of regulated compliance services and offers synergies with the Group's existing Health, Safety and Compliance businesses.

For the year to 31 October 2019, MOH generated revenues of £4.0 million, EBITDA of £0.7 million, profit before tax of £0.6 million and had net assets of £0.6 million. The total enterprise value will comprise an initial cash consideration of £1.8 million and a contingent consideration of up to £1.2 million over three years dependent on the achievement of profit targets. The acquisition will be funded from the Group's existing cash and debt facilities.

Alex Dacre, Chief Executive of Marlowe plc, said:

"In acquiring Managed Occupational Health, we are continuing to scale Marlowe's leading health and safety operations and extending our capabilities to work with clients across the full spectrum of their compliance needs. The business operates nationally in an attractive and underserved market in which we see significant growth opportunities."

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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, employment law 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.