12 May 2014
Restore plc
Acquisition of Filebase Limited
Restore plc ("Restore" or "the Company") is pleased to announce the acquisition of Filebase Limited ("Filebase"), which was completed on 12 May 2014.
Founded in 1996, Filebase provides records management and secure shredding services, predominantly in the North East of England. Filebase currently operates from two sites in Washington, Tyne and Wear.
Filebase was purchased for a cash consideration of £378,000, funded from Restore's existing banking facilities. Filebase has certain outstanding financial obligations which Restore will take on. For the 12 months ending 31 March 2014, Filebase's turnover was £1.3m, with EBITDA of £0.1m.
The acquisition of Filebase will consolidate Restore's position as one of the UK's leading providers of records management services and, in combination with last month's purchase of Magnum Secure, further strengthens the Group's presence in the North East of England.
Charles Skinner, Chief Executive of Restore plc, said:
"This acquisition continues our strategy of enhancing shareholder value through consolidating smaller UK records management businesses. The addition of Filebase further extends our UK market share and provides the Group with additional cross-selling opportunities."
For further information please contact:
Restore plc |
Charles Skinner, Chief Executive |
07966 234 075 |
Adam Councell, Group Finance Director |
07860 402 434 |
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Cenkos Securities |
Nick Wells |
020 7397 8900 |
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FTI Consulting |
Nick Hasell |
020 3727 1340 |
