MENTMORE ABBEY PLC
13 September 1999
Mentmore Abbey plc - Acquisition of Stortext
Mentmore Abbey, the UK's leading space management services group, announces
that Britannia Data Management ('BDM'), its records and information management
joint venture business, has acquired Stortext (Holdings) Limited ('Stortext')
for £9.9 million (including assumed debt estimated at £1.1 million).
Stortext is the leading provider of records and information management
services in the Edinburgh market and is expanding into the Glasgow market. In
the year ended 31 March 1999 Stortext generated sales of £2.8 million and an
EBITDA of £1.1 million.
Nick Smith, chairman of Mentmore Abbey, commenting on the acquisition said:
'The acquisition of Stortext, a business which has a commanding position in
its marketplace and services a blue chip customer base, provides BDM with
improved geographic coverage enabling it to enhance its service offering to
existing and future customers. This acquisition is an important step to
achieving our market goals.'
For further information contact:
Mentmore Abbey plc:
Nick Smith, chairman 0208 946 3159
Singer & Friedlander:
Greg Aldridge 0171 623 3000
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