Marlowe PLC Acquisition of Law At Work (Holdings) Limited (4150V)
03 December 2019 - 6:01PM
UK Regulatory
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RNS Number : 4150V
Marlowe PLC
03 December 2019
03 December 2019
Marlowe plc
Acquisition of Law At Work (Holdings) Limited
Marlowe plc ("Marlowe" or the "Group"), the specialist services
group focused on developing companies which assure regulatory
compliance and safety, announces that it has acquired Law At Work
(Holdings) Limited, trading as Law At Work ("LAW"), for an initial
consideration of GBP6.3 million.
Established in 2001 and headquartered in Glasgow, LAW is a
leading national provider of subscription-based employment law
compliance and health and safety services. LAW employs
approximately 70 staff, more than half of whom are employment
lawyers, HR compliance professionals and health and safety
consultants, whose advice and consultancy ensures that commercial
organisations remain compliant with employment law and health and
safety legislation. The acquisition is 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, in particular with William
Martin.
For the year to 31 May 2019, LAW generated revenues of GBP5.4
million, EBITDA of GBP1.2 million and profit before tax of GBP1.0
million. At 31 October 2019, LAW had net assets of GBP2.2 million.
The total enterprise value will comprise an initial cash
consideration of GBP6.3 million and a contingent consideration
which is expected to be approximately GBP4.0 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:
"By acquiring Law at Work, a business which helps clients to
mitigate their employee-related risk and assure their health &
safety performance, we are both strengthening Marlowe's leading
health and safety operation and significantly advancing our
capabilities to work with clients across the full spectrum of their
compliance needs. The business, which delivers subscription-based
consultancy services, operates nationally in an attractive and
underserved market in which we see significant growth
opportunities. The acquisition is a major step in strengthening our
position as the UK leader in regulated compliance services to
organisations of all sizes."
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 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 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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contact rns@lseg.com or visit www.rns.com.
END
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