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2 Nov 2020 07:00
2 November 2020
Restore plc
("Restore" or the "Group" or "Company")
Restore Technology acquisition of E Recycling Limited
Restore plc (AIM: RST), the UK market leading document management, commercial relocation and IT recycling business, is pleased to announce that it acquired 100% of the share capital of E Recycling Limited ("Euro Recycling"), a high security IT Asset Destruction (ITAD) business based in Bristol, UK, on 30th October 2020.
Restore Technology, one of Restore's more recently developed business units, has grown rapidly to become one of the largest IT recycling and asset disposal businesses in the UK. The addition of Euro Recycling will enhance further the Group's strong position in this rapidly growing market and will provide increased access to a number of strategic sales channels and strengthen Restore's national coverage for high security asset destruction.
Euro Recycling has a strong mix of strategic IT channel partner relationships and direct to customer contracts and the acquisition is in line with the strategy to grow Restore Technology through evolution of product capability, channel partnerships and provision of consistent and high quality national coverage.
Key management and all the 26 staff are remaining with the business. Euro Recycling is a profitable business and is expected to generate revenues of approximately £2.5m per annum. By bringing Euro Recycling into the Group's market leading ITAD platform, the Board sees significant opportunity to accelerate growth.
Charles Bligh, CEO, commented on the acquisition:
"I am delighted with the acquisition of Euro Recycling which complements our existing capabilities in the growing high security IT destruction market. I welcome the team to Restore and with this continuity we will ensure there is a seamless transition for existing customers. Restore Technology is a significant growth driver for the Group, and we look forward to further expansion both organically and with additional acquisitions in the future."
For further information, please visit:
www.restore.co.uk/Technology
www.euro-recycling.co.uk
Restore plc www.restoreplc.com
Charles Bligh, CEO 020 7409 2420
Neil Ritchie, CFO
Peel Hunt LLP www.peelhunt.com
Mike Bell 020 7418 8900
Ed Allsopp
Buchanan Communications www.buchanan.uk.com
Charles Ryland 020 7466 5000
Stephanie Watson
Tilly Abraham
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