Acquisition

RNS Number : 6198X

Restore PLC

09 December 2010

 



                                                                                                                      9  December 2010

Restore plc

Acquisition of Formsafe Ltd ("Formsafe")

Restore plc is pleased to announce the acquisition of Formsafe which was completed on 9 December  2010. This acquisition follows the acquisition of Datacare Ltd in September 2010 and continues Restore plc's strategy of developing its data management activities.  Formsafe fits neatly with the existing Restore document storage business.

Formsafe is a 25-year old document storage company, with a long-established customer base predominantly in South East England.  It currently employs 12 staff based at Burgess Hill in West Sussex with further storage facilities at Aberdare in Wales.  It was purchased for a cash consideration of £1.0m funded from existing bank facilities.  In the year to 30 September 2010 Formsafe recorded operating profit of £83,000 on turnover of £900,000. Net assets at completion were £230,000 including £280,000 of cash.

Commenting on this acquisition, Charles Skinner, Chief Executive of Restore plc, said:

"This acquisition will further strengthen Restore plc's document storage activities.  The Board fully expects that it will increase the profitability of the group.  Significant cost savings are expected to be realised rapidly following the acquisition.  This represents another step towards increasing our critical mass in the data management arena.  It continues to consolidate Restore plc's position as a strong steady company expanding its operations in the data management sector."

For further information, please contact:

Restore plc
Charles Skinner, Chief Executive	Tel: [phone]
Cenkos Securities
Nicholas Wells / Elizabeth Bowman	Tel: [phone]
Threadneedle Communications
John Coles	Tel: [phone]

 

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