Marlowe buys Derbyshire-based water treatment business Future Water

AIM-listed support services group Marlowe has bought Derbyshire-based water treatment company Future Water for up to £640,000.

The business is being bought on a debt-free, cash-free basis and the acquisition price comprises an initial cash consideration of £490,000, with a contingent cash earn-out capped at £150,000. The deal will be funded from Marlowe's existing cash resources.

For the 22 months to 30 April 2017, Future reported unaudited revenues of £1.55m and pre-tax profit of £0.15m.

Founded in 2017, it employs 25 staff and provides services to a range of sectors including hospitality, healthcare and industrial customers.

At 1255 GMT, the shares were up 0.5% to 380p.