Sale of ITP Group Holdings Limited

RNS Number : 0503R

Restore PLC

26 February 2019

 

26 February 2019

Restore plc

Sale of ITP Group Holdings Limited ("ITP")

Restore plc ("Restore"), the UK office services provider, has sold ITP, its toner cartridge recycling business, to Ink & Toner Recycling Limited ("Ink & Toner"). Restore will receive a 40 per cent stake in Ink & Toner as consideration and will be represented on Ink & Toner's board.

Restore will treat ITP Group , which generated revenues of approximately £4 million and a small operating loss in the year ended 31 December 2018, as a discontinued activity and account for it as a minority interest going forward.

Charles Skinner, Chief Executive of Restore commented:

"The sale of ITP enables us to focus on the core IT hardware lifecycle management activities within our Restore Technology business. The combination of ITP and Ink & Toner creates an enlarged business that is better placed to grow and deliver increased value for Restore."

Contact:
Restore plc	www.restoreplc.com
Charles Skinner, Chief Executive	07966 234075
Adam Councell, Group Finance Director	07860 402 434
Peel Hunt LLP	www.peelhunt.com
Guy Wiehahn	020 7418 8900
Mike Bell
Ed Allsopp
FTI Consulting	www.fticonsulting.com
Nick Hasell	020 3727 1340
Alex Le May

 

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