Member Article

Manchester documents business acquired by Surrey rival

Surrey-based document storage firm Restore plc have bought Manchester rival Archive Solutions for £2.6m.

The purchase will be funded by a share placing of 3,225,096 new ordinary shares at 93p, raising £3m before expenses.

Restore hope the acquisition will strengthen the firm’s position as a provider of records management, while expanding its presence in Manchester.

Geraldton Services Inc which currently owns 51% of Restore’s issued share capital, is not participating in the placing of new ordinary shares. Geraldton’s shareholding will decrease to 48% on completion of the placing.

Charles Skinner, Chief Executive of Restore plc, said: “Restore has been looking to gain a broader presence in the Manchester area for some time and the acquisition of Archive Solutions provides a suitable platform to accelerate our growth. The Board looks forward to the contribution to the Group that Archive Solutions will make.”

This was posted in Bdaily's Members' News section by Tom Keighley .