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Acquisition of Management Archives
Restore plc is pleased to announce the acquisition of Management Archives which was completed on 30th June 2011.
Founded in 1990 Management Archives is a document storage company with a diverse range of customers predominantly in the North East of England.
Management Archives was purchased for a cash consideration of £725,000 funded from existing bank facilities. In the year to 31 December 2010 Management Archives recorded operating profit of £398,485 before rental costs on a turnover of £737,567.
This acquisition represents another step towards growing Restore’s data management activities across the UK. It complements the existing Restore document storage business and provides the Company with greater geographical spread across of the North of England.
Commenting on this acquisition, Charles Skinner, Chief Executive of Restore plc, said:
“This acquisition will further strengthen Restore plc’s document storage activity providing it with increased geographic coverage and diversifying its customer base. It also presents new cross selling opportunities to the other office-service based businesses within the Group. The acquisition consolidates Restore plc’s position as a strong stable company expanding its operations in the office services sector and the board expects it to strengthen the profitability of the group.”