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Marlowe acquires asbestos remediation firm Forest Environmental
AIM-listed support services group Marlowe has completed its acquisition of asbestos remediation firm Forest Environmental from its administrator for a cash consideration of £500,000.
Marlowe, which is principally focused on acquiring and developing companies that provide critical asset maintenance services, anticipates that, in the first year of ownership, Forest's revenues will be "lower than the level achieved" in its trading ended 30 June 2017 where it recorded revenues of £13.1m, pre-tax profit of £100,000 and an adjusted pre-tax profit of £300,000.
Forest held net assets of £1.3m at the end of its last trading year.
Following Marlowe's acquisition of Ductclean UK in July 2017, the group said the acquisition of Forest's business and assets "further extends the group's leading position" within the UK asbestos remediation market.
As of 1320 BST, Marlowe shares had picked up 0.99% to 410p.