Acquisition of Sargents
Restore is pleased to announce the acquisition of the business and assets of Sargents Logistics Ltd and Sargents Archive Limited (together “Sargents") from Administration.
Sargents is a records management and office relocation business, based in Belvedere in South-East London. The acquisition will increase the size of Restore’s document storage division as well as moving the Company into the office relocations market.
Sargents was founded in 1989 and provides a single integrated service for the relocation and storage needs of businesses predominantly in London. It currently employs 65 staff. The consideration was £500,000 funded from existing banking facilities. In the year to 31 August 2010 Sargents made an unaudited operating profit of £324,000 on turnover of £5,993,000. The unaudited value at 31st August 2010 of the tangible assets being acquired was £363,000.
Commenting on the acquisition, Charles Skinner, Chief Executive of Restore, said:
“This acquisition continues our strategy of growing our business both organically and by acquisitions that fit with our existing businesses. Sargents has steady document storage revenues. It also provides us with an entry into the office relocation business which is a logical extension of our document storage business. It requires broadly similar skills and has an identical channel to market. This acquisition continues our strategy to grow the business. Restore is a financially secure, stable company with excellent growth prospects.”