Acquisition of CQC Compliance Ltd
30 June 2021
Marlowe plc
Acquisition of CQC Compliance Ltd
Marlowe plc ("Marlowe" or the "Group"), the UK leader in business-critical services and software which assure safety and regulatory compliance, announces that it has acquired CQC Compliance Ltd ("CQC"), a care quality compliance consultancy, with the total enterprise value payable expected to be approximately in the region of £2 million.
CQC is based in Preston, Lancashire, and provides retained consulting services to care homes, surgeries and pharmacies to ensure compliance with health and social care regulations. The acquisition adds a new adjacent capability to Marlowe's Governance, Risk and Compliance division, broadening the Group's offering of regulated compliance services into the care market whilst offering synergies with Marlowe's employment law and safety businesses. The business has run rate annual revenues of approximately £1m.
The consideration payable for CQC, which is currently generating a run rate annual operating profit of approximately £0.23m, includes an upfront consideration of £0.6m and a performance related contingent consideration over four years to be funded from Marlowe's existing cash resources.
For further information:
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Marlowe plc |
www.marloweplc.com |
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Alex Dacre, Chief Executive |
Tel: +44 (0) 203 813 8498 |
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Mark Adams, Group Finance Director |
IR@marloweplc.com |
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Cenkos Securities plc (Nominated Adviser and Joint Broker) |
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Nicholas Wells |
Tel: +44 (0)20 7397 8900 |
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Ben Jeynes |
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Berenberg (Joint Broker) |
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Ben Wright |
Tel: +44 (0)20 3207 7800 |
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Mark Whitmore |
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FTI Consulting |
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Nick Hasell |
Tel: +44 (0)20 3727 1340 |
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Alex Le May |
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About Marlowe plc
Marlowe is a UK leader in business critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services. It is focused on health & safety, compliance software, employment law & HR compliance, fire safety, security, water treatment & air hygiene and occupational health services - all of which are vital to the wellbeing of its customers operations and are invariably governed by regulation. Marlowe currently provides services to over 15% of Britain's commercial premises and is increasingly attractive to customers who require a single outsourced, nationwide, provider of a comprehensive range of regulated compliance and safety services. Our customers can be found in most office complexes, high streets & leisure facilities, manufacturing plants and industrial estates, and include thousands of SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.
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