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Restore spends £60 million in UK document shredder deal

Restore spends £60 million in UK document shredder deal

November 12, 2015

WincantonThe document management group has bought out Wincanton Records Management (WRM) for £60 million ($91 million/€85 million) on a cash and debt-free basis.

The acquisition adds to Restore’s expanding portfolio, after it bought out empties collector ITP in July and UK document scanning business Crimson UK in August.

WRM offers a full suite of document storage and scanning and shredding services, and has operated for more than 14 years across the UK, with a presence in the Republic of Ireland market as well, SDB magazine reported.

It currently employs 167 people, who will transfer to Restore when the sale is completed. Wincanton said the sale will “realise material value” for the company and allow it to “focus on its existing logistics operations”.

WRM generated operating profit of £3.5 million ($5.3 million/€4.9 million) for the year ended 31 March 2015, with revenue at £22.4 million ($34 million/€31.7 million). WRM said it will use the proceeds from the sale primarily to reduce the average level of net indebtedness to below two times EBITDA (earning before interest, tax, depreciation and amortisation).

Restore intends to fund the transaction by means of a new debt facility and a new placing, the latter of which needs the approval of Restore’s shareholders.

Adrian Colman, Chief Executive of Wincanton, said: “Wincanton will be stronger, with a clear focus on its core skills and capabilities in logistics operations.

“Restore has a strong reputation in the records management business. I am confident that the agreement we have reached with Restore presents an exciting opportunity for their [the company’s employees] continued success.”

Categories : City News

Tags : Business Restore UK

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