Marlowe Snaps Up Fire Safety Systems For Initial GBP2.4 Million

(Alliance News) - Marlowe PLC said Monday it has acquired FSE Fire Safety Systems Ltd for an ...

Alliance News 2 December, 2019 | 3:03PM
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(Alliance News) - Marlowe PLC said Monday it has acquired FSE Fire Safety Systems Ltd for an initial sum of GBP2.4 million.

Marlowe, which provides inspection, testing and compliance services to commercial properties, said the acquisition will be funded from the company's existing cash.

The total enterprise value will be an upfront cash payment of GBP2.4 million, and a contingent cash earn out of up to GBP200,000.

Headquartered in Nottingham, Fire Safety Systems was founded in 2005 and provides a range of fire safety and security services, Marlowe said. The business operates nationally with a large base of customers in the East Midlands area, it added.

For the year to August, Fire Safety Systems generated revenue of GBP4.3 million and an adjusted pretax profit of GBP600,000. Net assets were GBP1.2 million at August 31.

Marlowe's shares were 0.5% up in London at 444.00 pence each on Monday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Marlowe PLC 526.00 GBX 0.38 -

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