Derbyshire records management firm sold in £88m deal

TNT Business Solutions, the Swadlincote-based records management business of TNT UK, has been sold for £88m.

The firm has been bought by Restore, the office services provider.

TNT BS operates from five sites in the Midlands and the outskirts of London, including two freehold sites at Swadlincote and Thurrock, Essex. All 250 staff will transfer over to Restore.

For the 12 months to 31 December 2017, TNT BS recorded EBIT of £7.7m (2016: £9.3m) on revenues of £23.2m (2016: £26.7m).

Charles Skinner, chief executive of Restore, said: “TNT Business Solutions’ records management business is strong operationally with excellent sites and facilities from which it services many major UK public sector institutions and other customers. We have been tracking this opportunity for some time and we are excited by the additional potential it brings to our business. We are also confident of realising synergies from this transaction that will drive increased returns for Restore’s shareholders.”