Marlowe acquires Gateshead-based health services business

Specialist services group Marlowe acquired Gateshead-based occupational health services business Black & Banton on Monday.

Marlowe snapped up the business, which operates in the North of England and Scotland, for an initial consideration of £1.1m, funded from existing cash resources.

The AIM-listed group added that the total enterprise value of up to £1.5m came with a contingent cash earn-out of as much as £400,000.

Marlowe said that in the year ended 30 April, Black & Banton had generated a pre-tax profit of £400,000 on revenues of £1.7m, while net assets were £900,000.

As of 1015 GMT, Marlowe shares were untraded at 550.0p.