Disposal of Non-Core AssetsFebruary 1st 2019
Marlowe plc ("Marlowe" or the "Group"), the support services group focused on acquiring and developing companies that provide regulated inspection, testing and compliance services, announces that is has sold certain non-core assets for a cash consideration of £2.3 million.
The assets comprise two contracts to produce specialist chemical products with applications in healthcare and clinical disinfection that were acquired as part of the Group's £4.5 million acquisition of Suez Water Conditioning Services Limited as announced on 28 August 2018.
In the year ended 31 December 2017 the two contracts generated unaudited revenues of £0.6 million and an estimated gross profit contribution of £0.2 million. The proceeds of the sale will be used for general corporate purposes.
About Marlowe plc
Marlowe is a UK leader in specialist services which assure the safety and regulatory compliance of commercial properties, 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, fire safety, security, water safety, water treatment, air quality and environmental 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 10% of Britain's commercial properties and is increasingly attractive to customers who require a single outsourced, nationwide, provider of a comprehensive range of regulated 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.