- Investment company CEPS said it had acquired building services group Cook Brown Building Control and energy consultancy Cook Brown Energy, for a combined £3.5m.

The vendors, James Cook and Matthew Brown, would receive a cash payment of £1.9m and much of the balance in fixed-rate loan notes.

Based on unaudited management accounts for the year ended 31 December 2019, the businesses' combined sales were £3.1m and underlying EBITDA was £0.6m.

'The combined Cook Brown businesses have been on a rapid growth path, and the 2019 underlying profits are expected to be more representative of the future incremental earnings being acquired,' CEPS said.

'The earnings multiple, having adjusted for free cash being acquired, is believed to be attractive compared to recent transactions in the building control sector.'

At 1:42pm: [LON:CEPS] CEPS PLC share price was 0p at 32.5p

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