Acquisition of Paterson Data Management
Restore plc is pleased to announce the acquisition of Paterson Data Management Limited which was completed on 31st August, 2011.
Founded in 1999, Paterson is one of Scotland’s largest independent document storage companies with a broad range of customers, predominantly in the Glasgow area.
The acquisition of Paterson represents a significant milestone for Restore in providing it with nationwide coverage in records management. Restore can now service national contracts for large blue chip organisations across mainland Britain whilst still delivering the high standards of service for which it is known.
Paterson was purchased for a cash consideration of £662,000, funded from existing bank facilities and the issue of 46,296 new ordinary shares of 5p each, and at completion had net cash of £130,000. In the year to 30 June 2010, Paterson recorded EBIT of £110,000 on a turnover of £502,000. Application has been made for the 46,296 new ordinary shares of 5p each to be admitted to trading on AIM and it is expected that trading in these will commence on 6 September 2011.
Commenting on this acquisition, Charles Skinner, Chief Executive of Restore plc, said: “The acquisition of Paterson marks a leap forward for the records management activities of the Group. It has long been the Board’s aim for Restore to become a national provider of records management services across the UK and we have now realised that goal. Not only will Paterson enable us to increase our records management activity across Scotland, but it will enable us to win valuable national contracts and continue to compete with the other market leaders in this space across the UK. The Board fully expects the acquisition of Paterson to benefit the Group in its stated aim to become a leading provider of office services in the UK”