Manchester law firm advises Restore plc on £83.1m acquisition
THE MANCHESTER office of law firm Brabners has advised London-based Restore plc, the AIM-listed UK office services provider, on its conditional agreement to acquire Caerphilly-based PHS Data Solutions from Personnel Hygiene Services Limited for £83.1m.
The acquisition would include PHS Data Solutions three UK subsidiaries, PHS Datashred, PHS Records Management and PHS Capital Capture, which operate from sites across the country.
Restore said the acquisition will strengthen its market position in document shredding by combining PHS Datashred and Restore Shred, the second and third largest document shredding businesses in the UK. The acquisition will also further extend Restore’s presence as the second largest records management operator in the UK.
Restore, for whom this is the 29th and largest acquisition undertaken in the last six years, is financing the acquisition with a £35.2m placing by Cenkos Securities plc and £48.5m of additional borrowings from Barclays and RBS.
David Bowcock, corporate partner, led the team at Brabners which acted for Restore. PHS was advised by Rothschild, PwC, Travers Smith and Blake Morgan. Cenkos was advised by Memery Crystal. The banks were advised by BLP.
