Data business bought in £83m deal

OFFICE services provider Restore has agreed to buy PHS Data Solutions for £83.1m.

PHS Data Solutions, which was part of Personnel Hygiene Services, is the second largest provider of document shredding services in the UK. It also has a significant records management business and a presence in document scanning.

Restore, which also bought Wincanton’s records management business last year, will raise £35.2m through a share placing to part-fund the deal.

PHS Data Solutions employs 580 people across its three divisions – PHS Datashred, PHS Records Management and PHS Capital Capture.

Its Capital Capture business, provides on and off site document scanning services, is split between Birmingham and London.

Charles Skinner, chief executive of Restore, said: “The acquisition of PHS Data Solutions is a further significant step in our strategy of consolidation and provides a compelling opportunity to combine with a business of scale whose activities are all core to Restore.”