25 May 2012

Restore in £1.2m takeover

15/11/2011 Robert Tyerman

Acquisitive document storage and scanning concern Restore (RST) has paid £1.2 million for Middlesborough-based Brunswick Document Management.

AIM-quoted Restore, which paid £662,000 in September for Paterson Data Management, says it is using existing bank facilities to buy Brunswick, which it expects to achieve earnings before interest, tax, depreciation and amortisation of around £300,000 this year on turnover if £935,000.

That should have a useful impact on Redhill-based Restore, which last year turned a £7.8 million loss into £700,000 pre-tax profits and more recently lifted pre-tax profits nearly 30 per cent to £499,000 in the first half of 2011 on turnover up 15 per cent to £15.4 million.

Chief executive Charles Skinner, a former City turnaround specialist, argues Brunswick, Restore's seventh takeover in 15 months, will bring increased geographic coverage, a diversified customer base and 'additional cross-selling opportunities'.

Recommended by Growth Company Investor at 41p in April, Restore's shares now trade at 78p, valuing the company at £41.4 million. Hold on for now.

Tags: AIM market, Brunswick Document Management, Charles Skinner, Paterson Data, Turnaround specialist

Sector: Support Services

Companies: Restore

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