Acquisition of ROC Relocations
Restore plc (“Restore” or “the Company”) is pleased to announce the acquisition of ROC Relocations Limited (“ROC”), which was completed on 4th May 2012.
ROC is a provider of commercial relocation and storage services operating from premises in South East London. In the year to 31 May 2011, ROC recorded revenues of £1.7m and an operating profit of £70,000. ROC was acquired from the administrator for a cash consideration of £160,000. At 31 May 2011, the business had tangible assets of £315,000.
This acquisition extends Restore’s market-leading position in commercial relocations and provides additional cross-selling opportunities in office services. ROC serves a broad base of predominantly large organisations in both the private and public sector, with customers that include Accenture, Freshfields, Sodexo, DAC Beachroft, London Transport and London Borough of Havering.
Commenting on the acquisition, Charles Skinner, Chief Executive of Restore. said:
“Following our acquisition of Harrow Green, the purchase of ROC broadens our presence and capability in commercial relocations and brings the benefit of some extremely strong and long standing customer relationships. We look forward to integrating ROC with our existing businesses and to the significantly improved returns that we are confident it will achieve as part of Restore”.