Marlowe PLC Acquisition of WPL Limited (8429K)
07 January 2021 - 6:00PM
UK Regulatory
TIDMMRL
RNS Number : 8429K
Marlowe PLC
07 January 2021
7 January 2021
Marlowe plc
Acquisition of WPL Limited
Marlowe plc ("Marlowe" or the "Group"), the UK leader in
business critical services and software which assure safety and
regulatory compliance, announces that it has acquired WPL Limited
("WPL") for an enterprise value of GBP10.0 million
("Acquisition").
Founded in 1991 and headquartered in Hampshire, WPL is a leading
provider of wastewater treatment and compliance services across the
UK.
For the year to 31 October 2020, WPL generated revenues of
GBP9.5 million, profit before tax of GBP1.8 million and had net
assets of GBP4.5 million (unaudited). The total consideration of
GBP10.0 million comprises a cash payment of GBP9.1 million and the
issue of 147,652 new ordinary shares in Marlowe of GBP0.50 each
("Consideration Shares"). The Consideration Shares are subject to a
two year lock-in.
Application has been made for the Consideration Shares to be
admitted to trading on AIM, and it is expected that Admission will
occur at 8.00 a.m. on or around 11 January 2021. Following
Admission of the Consideration Shares, the Group's issued ordinary
share capital will consist of 60,414,449 ordinary shares. Each
ordinary share has one voting right and no shares are held in
treasury and this figure may be used by shareholders in the Company
as the denominator for the calculation by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
Alex Dacre, Chief Executive of Marlowe plc, said:
"The acquisition of WPL marks another significant step in the
development of our strategy for water and air compliance services.
Following the acquisitions of Suez Water Conditioning Services in
2018 and Clearwater Technology in 2019, alongside a number of
bolt-on acquisitions and strong organic growth, our Water & Air
Compliance business now generates run-rate revenue of over GBP100
million and has the broadest service capabilities and coverage in
the UK. We look forward to the contribution that WPL will make to
our continued growth in this market."
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
Berenberg (Joint Broker)
Ben Wright
Mark Whitmore Tel: +44 (0)20 3207
7800
FTI Consulting
Nick Hasell
Alex Le May Tel: +44 (0)20 3727
1340
About Marlowe plc
Marlowe is a UK leader in business critical services and
software which assure safety and regulatory compliance. The company
was formed to create sustainable shareholder value through the
acquisition and development of businesses that provide regulated
safety and compliance services. It is focused on health &
safety, compliance software, employment law & HR compliance,
fire safety, security, water treatment & air hygiene 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 thousands of SMEs, local authorities,
facilities management providers, multi-site NHS trusts and FTSE 100
companies.
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END
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