Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Restore in £0.7m expansion deal
Document storage and scanning specialist Restore (RST) has bought Leeds-based Management Archives for £725,000. Fully-listed Restore, which is itself being restored to financial health by chief executive officer Charles Skinner, says Management Archives, which made £398,500 operating profits last year on £738,000 turnover, will complement its existing document storage business and provide it with a wider spread across the North of England.
Restore, which is backed by tax-efficent tycoon and Tory funder Lord Ashcroft, says it will finance the takeover from existing bank facilities, following a new refinancing agreement with Barclays Bank. This includes an £11 million five-year term loan at 2.85 per cent above three-month London Inter-Bank Rate (LIBOR), a three-year revolving credit for £3 million at 3.5 per cent above three-month LIBOR and a £2 million overdraft facility at 3 per cent above three-month LIBOR.
Skinner, a former SG Warburg and 3i turnaround specialist, argues the Managernent Archives deal will provide new cross-selling opportunities within the Restore group as well as strengthening its profitability. The company turned £7.8 million losses into £699,00 pre-tax profits in 2010, helped by Skinner's surgery and judicious expansion moves, and followers are hoping for £4.3 million pre-tax this year.
Recommended by Growth Company Investor at 41p in April, Restore shares have now reached a year's high of 68.5p, three times their 12-month low and valuing the company at £31.5 million. Hold on for more action.
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