Restore plc Acquires Cannon Confidential
Restore plc ("Restore" or "the Company") is pleased to announce that it has today exchanged contracts to acquire Cannon Confidential from OCS Group UK Limited. Completion is expected to take place on 16 June 2014, following staff consultation.
Cannon Confidential, founded in 1998, provides secure shredding and recycling services from four sites across the UK and serves customers in both the private and public sectors.
Cannon Confidential was purchased for a cash consideration of £933,000 on a cash-free, debt-free basis, funded from Restore's existing banking facilities. For the 12 months ending 31 March 2014 Cannon Confidential's turnover was £1.7 million, on which it recorded a small loss.
The acquisition of Cannon Confidential will add significant critical mass to Restore Shred, the Group's rapidly growing secure shredding and recycling business, and extend its geographic coverage, particularly in North West England and Scotland.
Charles Skinner, Chief Executive of Restore plc, said:
"We have been developing a strong and fast growing shredding business which fits neatly with our other operations and expands the range of services we offer to our customers. This acquisition greatly enhances our capability and gives us full coverage of mainland Britain."