22nd Apr 2014 09:03
LONDON (Alliance News) - Support services business Restore PLC Tuesday said it has acquired records management and secure shredding services firm Magnum Secure Ltd in a deal worth GBP4.6 million in cash.
AIM-listed Restore said Magnum, which predominately serves the north east of England, has a developed a strong presence with large public sector organisations.
For the year ended July, Magnum is expected to post revenue of GBP2.8 million with earnings before interest taxation depreciation and amortisation of GBP600,000, Restore said.
The firm said the acquisition will strengthen its position within the records management services sector.
The stock was trading at 183.45 pence Tuesday, up 1.95 pence or 1.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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