Member Article

Goole’s Magnum Secure acquired by Surrey firm for £4.6 million

Goole-based Magnum Secure Limited has been acquired by Surrey’s Restore plc.

Founded in 1989, Magnum provides records management and secure shredding services in the North East of England operating from sites in Goole, East Yorkshire, and Spennymoor, County Durham.

Magnum was purchased for a cash consideration of £4.6 million, on a cash and debt free basis, funded from Restore’s existing baking facilities.

For the 12 months ending 31 July 2014, Magnum’s turnover is expected to be in the region of £2.8 million, with EBITDA in the region of £0.6 million.

Charles Skinner, chief executive of Restore plc, said: “The acquisition of Magnum broadens our customer base in records management, increases our geographical coverage of the UK and will provide the Group with additional cross-selling opportunities.

“We have a strong track record of effectively integrating records management businesses and the Board looks forward to the contribution to the Group that Magnum will make.”

This was posted in Bdaily's Members' News section by Clare Burnett .