Restore makes £6m storage swoop
AIM-listed Restore plc, which last year snapped-up Middleton document storage firm Archive Solutions , has made a fresh acquisition.
It is buying File & Data Storage, the records management division of OfficeTeam Group for an initial £6.1m.
Founded in 1996, File & Data provides records management services to large organisations in both the private and public sector including Bupa and Britannia Building Society, and operates from sites in Manchester, Leeds, London, Tewkesbury, and Newcastle-upon-Tyne.
Restore said the deal would “further strengthen” its position as one of the UK’s leading providers of records management services.
For the 12 months ended December 31, the draft statutory accounts of File & Data recorded an EBIT before exceptionals of £800,000 on a turnover of £3.2m and net assets of £1m.
Charles Skinner, chief executive of Restore said: “Restore has been active in consolidating the UK records management market since 2010 to become what we believe is now the second largest provider of records management services in the UK.
“File & Data has a strong national presence and some excellent customer relationships and its acquisition will further enhance our platform for growth.”
Restore was advised on the acquisition and related shares placing by corporate lawyer David Bowcock a partner at the Manchester office of Brabners Chaffe Street.
