6th Jul 2015 07:26
LONDON (Alliance News) - Support services company Restore PLC on Monday said it has struck a GBP4 million deal to buy ITP Group Holdings Ltd, the UK empty printing cartridges collector.
ITP collects empty printer cartridges and sells them to cartridge remanufacturers and other manufacturing companies. It is based in Reading but also has facilities in Thetford in Norfolk and in Frankfurt in Germany.
Restore said the deal will expand its capabilities in offering additional office services alongside its IT recycling, document management and office relocation businesses.
The total consideration for the deal is up to GBP4 million, with GBP3.2 million to be paid initially, GBP0.4 million after an initial six-month handover period and GBP0.4 million based on the performance of the division.
"The acquisition of ITP further broadens the scope of services we offer our customers and enhances our presence in the recycling of office products. We believe this transaction provides us with another excellent platform for growth and the Board looks forward to the contribution to the Group that ITP will make," said Restore Chief Executive Charles Skinner.
Shares in Restore were down 0.7% to 268.5 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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