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Acquisition of Brunswick Document Management
Restore plc ("Restore" or "the Company") is pleased to announce the acquisition of Brunswick Document Management Limited ("Brunswick"), which was completed on 14 November 2011.
Founded in 1998 and based in Middlesbrough, Brunswick is a records management business with a broad range of customers, predominantly in the North East of England.
Brunswick was purchased for a cash consideration of £1.2m funded from Restore's existing bank facilities. For the 12 months to 31 December 2011, Brunswick's turnover is expected to be in the region of £935,000, with EBITDA of around £300,000 after exceptional costs. As at 14 November, Brunswick had tangible assets of £435,000, including cash of £145,000.
This acquisition represents a further step towards growing Restore's records management activities across the UK. It complements the existing Restore records management business and provides the Company with greater geographical reach across the North East of England.
Commenting on this acquisition, Charles Skinner, Chief Executive of Restore plc, said:
"This is the seventh acquisition that Restore has made in this space in the past 15 months, and further strengthens our core records management business, providing it with increased geographic coverage and diversifying its customer base. It also presents additional cross-selling opportunities to our other office-service based businesses. The transaction demonstrates the continued progress of our acquisition-led growth strategy and the Board looks forward to the contribution to the Company that Brunswick will make"..