Marlowe acquires two new businesses
Specialist services group Marlowe acquired two new business on Friday for a combined consideration of £580,000.
Marlowe acquired Kent-based Rainbow Water, which provides water treatment and hygiene services within London and the surrounding counties, and Lincolnshire-based Caritas, which provides occupational health services.
The AIM-listed group said Rainbow, which will be immediately integrated into WCS Group, generated revenues of £1.0m and underlying earnings of £100,000 in the year ended 31 August, while Caritas generated revenues of £400,000 and underlying earnings of £100,000.
Marlowe added that the total consideration for the acquisitions of Rainbow Water and Caritas, of £450,000 and £130,000, respectively, would be funded from existing cash resources.
As of 0940 BST, Marlowe shares were down 0.49% at 508.50p.