12th May 2014 09:03
LONDON (Alliance News) - Restore PLC Monday said its has acquired Filebase Ltd for GBP378,000 as the support services company bulks up its records management services and strengthens its presence in the North East of England by building on last month's acquisition of firm Magnum Secure.
In a statement, Restore, which funded the acquisition through its existing banking facilities, said Filebase provides records management and secure shredding services, predominantly in the North East of England.
Restore said it will take on "certain outstanding financial obligations" of Filebase.
For the 12 months ended March 31, Filebase's revenue was GBP1.3 million, with earnings before interest, tax, depreciation and amortisation amounting to GBP100,000.
"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," Chief Executive Charles Skinner said in a statement.
Last month, Restore bought records management and secure shredding services firm Magnum Secure Ltd in a deal worth GBP4.6 million in cash.
Restore shares were Monday quoted at 182.00 pence, unchanged.
By Samuel Agini; [email protected]; @samuelagini
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