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Marlowe buys Flamefast Fire Systems for £1m
AIM-listed support services group Marlowe said it has bought Flamefast Fire Systems Limited for a total enterprise value of £1m.
Flamefast is a leading specialist in the installation and maintenance of fire suppression systems with a focus on commercial kitchen fire safety, Marlowe said, adding that the new addition would form part of its fire protection and security systems division.
For the year to 30 November 2017, Flamefast reported revenues of £5.1m, pre-tax profit of £0.1m, gross assets of £2.2m and net assets of £0.2m, Marlowe said in a statement.
The purchase is a single upfront cash payment and will be financed from the group's existing cash resources. The key members of Flamefast's operational management team will be staying with the business, Marlowe said.