Restore plc Acquires Magnum Secure Limited
Restore plc ("Restore" or "the Company") is pleased to announce the acquisition of Magnum Secure Limited ("Magnum"), which was completed on 17 April 2014.
Founded in 1989, Magnum provides records management and secure shredding services, predominantly in the North East of England. Magnum has developed a particularly strong presence with large public sector organisations and currently operates from sites in Goole, East Yorkshire, and Spennymoor, County Durham.
Magnum was purchased for a cash consideration of £4.6m, on a cash and debt free basis, funded from Restore's existing banking facilities. For the 12 months ending 31 July 2014, Magnum's turnover is expected to be in the region of £2.8m, with EBITDA in the region of £0.6m.
The acquisition of Magnum will further strengthen Restore's position as one of the UK's leading providers of records management services and brings the benefit of some strong and long-standing customer relationships.
Charles Skinner, Chief Executive of Restore plc, said:
"The acquisition of Magnum broadens our customer base in records management, increases our geographical coverage of the UK and will provide the Group with additional cross-selling opportunities. We have a strong track record of effectively integrating records management businesses and the Board looks forward to the contribution to the Group that Magnum will make."