Marlowe buys Wrightway Health for £3.5m

Specialist safety services company Marlowe has acquired Wrightway Health for an initial consideration of £3.5m, it announced on Monday.

The AIM-traded firm said Wrightway, established in 2013, is based in Norwich, and provides occupational health services to businesses in the east and south east of England.

“For the year ended 30 April, Wrightway generated an adjusted EBITDA of £0.7m on revenues of £2.7m,” the board said in its short statement.

“Net assets at 30 April 2020 were £0.6m.”

Marlowe said the total enterprise value was expected to be in the region of £4.5m, including a 12-month contingent cash earn-out expected to be in the region of £1m.

“The acquisition will be funded from Marlowe's existing cash resources.”

At 1600 GMT, shares in Marlowe were up 2.86% at 576p.