Acquisition of Thoroughshred
Restore plc is pleased to announce that Restore Shred Limited, its recently formed subsidiary, has acquired the business and assets of Thoroughshred, a provider of secure shredding and recycling services, from TGM Environmental Limited.
Thoroughshred serves customers in London and the South East of England and has been operating as part of TGM Environmental in the secure shredding and recycling market since 2007. It is based in Woolwich, south east London, where it recently opened a new state-of-the-art facility with capacity in excess of 15,000 tonnes a year.
The acquisition of Thoroughshred is an important step in broadening the capabilities of the Company to offer additional office services alongside its existing records management, document scanning, and office relocation activities. Thoroughshred has a similar channel to market to Restore plc's office services businesses and a complementary customer base.
Steve Talbot has been appointed Managing Director of Restore Shred Limited and holds 25% of its equity. Steve has a proven track record in secure shredding and recycling, having previously built and sold two businesses in this sector.
Restore plc has invested GBP375,000 in cash for a 50% stake in Restore Shred Limited. The Company has an option to acquire the interests of the other two shareholders in Restore Shred Limited, Steve Talbot and TGM Environmental, also with 25%, between October 2014 and October 2016.
Commenting on this acquisition, Charles Skinner, Chief Executive of Restore plc, said:
"It has long been the Board's aim for Restore plc to enter the secure shredding and recycling market, and Restore Shred's acquisition of Thoroughshred provides us with an excellent platform for rapid growth, and in Steve Talbot, a partner of huge experience and entrepreneurial capability. Following our move into office relocation earlier this year, we are excited to be able to broaden further the range of services we offer our growing customer base, and look forward to the contribution to the Company that Restore Shred will make".