Records management firm sold in £88m deal

Office services provider Restore has bought the records management business of TNT UK for £88m.

TNT UK, which is headquartered in Atherstone, Warwickshire, has sold off its £23m-turnover division, TNT Business Solutions.

The division has five sites in the Midlands and south, including Swadlincote in Derbyshire. All 250 staff will transfer over to Restore.

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.”

In 2017, TNT BS recorded EBIT of £7.7m on revenues of £23.2m.