Yorkshire document management firm scooped up by AIM-listed group
DOCUMENT management firm Magnum Secure has been acquired by AIM-listed support services group Restore.
Goole-based Magnum, which has been bought in a £4.6m deal, was founded in 1989 and provides records management and secure shredding services, predominantly in the North East of England. In 2010 it opened a second site in Spennymoor, County Durham.
For the 12 months ending July 31 2014, Magnum’s turnover is expected to be in the region of £2.8m, with EBITDA around £0.6m.
London-headquartered Restore said the acquisition of Magnum will further strengthen its position as one of the UK’s leading providers of records management services and brings the benefit of some strong and long-standing customer relationships.
Charles Skinner, chief executive of Restore, said: “The acquisition of Magnum broadens our customer base in records management market, increases our geographical coverage of the UK and will provide the group with additional cross-selling opportunities. We have a strong track record of effectively integrating records management businesses and the board looks forward to the contribution to the group that Magnum will make.”
Adrian Ballam, Caroline Thompson-Hayes and Adam Hastie from the Leeds office of Schofield Sweeney advised the shareholders of Magnum Secure on the deal.
