25 May 2012

Restore in £0.7m Scottish takeover

01/09/2011 Robert Tyerman

Ambitious document storage concern Restore (RST) has bought Glasgow-based Paterson Data Management for £662,000. The AIM-quoted company is also issuing a few shares to acquire Paterson, one of Scotland's leading independent document storage concerns, in what Restore's chief executive Charles Skinner hails as a 'leap forward for the records management activities of the group'.

For Restore, which last year turned a £100,000 loss into £2.7 million pre-tax profits on £27.7 million turnover, Paterson brings earnings of £110,000 for the year to June and net cash of £130,000. More importantly, Restore argues Paterson provides nationwide coverage in records management, enabling the company to handle 'national contracts for large, blue-chip organisations across mainland Britain'.

Skinner, a former turnaround specialist at SG Warburg and 3i, suggests the Paterson deal will further Restore's ambition to become 'a leading provider of office services in the UK'. Recommended by Growth Company Investor at 41p in April, shares in Restore, where tax-efficient tycoon and former Tory financier Lord Ashcroft has a key stake, now trade at 64p, up 10p today, valuing the company at £34 million.

Hold on.

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Tags: AIM market, Charles Skinner, Document storage, Lord Ashcroft

Sector: Support Services

Companies: Restore

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