Derbyshire water treatment firm Future Water has been sold to listed support services group Marlowe in a deal worth £640,000.
Marlowe plc, the support services group focused on acquiring and developing companies that provide critical asset maintenance services, has announced this morning that it has acquired Future Water Limited (“Future Water”), a provider of water treatment and hygiene services based in Milford, Derbyshire.
Founded in 2007, Future water employs 25 staff and provides services to a range of sectors including hospitality, healthcare and industrial customers.
Future Water is being purchased for a total consideration of up to £640,000 on a debt-free, cash-free basis, comprising initial cash consideration of £490,000 and a contingent cash earn-out capped at £150,000. The acquisition will be funded from Marlowe’s existing cash resources.
For the 12 months to 30 April 2017, Future Water reported unaudited revenues of £1.55 million and unaudited profit before tax of £0.15 million, with unaudited gross assets of £0.41 million as at period end.