Restore PLC Acquisition of Computer Disposals Ltd (3059L)
January 12 2021 - 2:00AM
UK Regulatory
TIDMRST
RNS Number : 3059L
Restore PLC
12 January 2021
12 January 2021
Restore plc
("Restore" or the "Group" or "Company")
Restore Technology acquisition of Computer Disposals Ltd
Restore Technology becomes the number one IT recycling business
in the UK
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
Computer Disposals Ltd ("CDL"), a leading IT recycling and asset
disposition (ITAD) business based in Runcorn, UK, on 8 January
2021.
Following this acquisition, Restore Technology becomes the
number one IT recycling business in the UK market which is large,
growing and heavily fragmented. The addition of CDL, together with
the Group's acquisition of E-Recycling Limited, previously
announced on 2 November 2020, further improves Restore's network
coverage, scale and potential for synergy.
This acquisition represents another milestone in Restore's
strategy for growth outlined in the Capital Markets Day in November
2020. Restore's strategy is to grow earnings through organic
expansion, strategic acquisition and margin improvement through
synergies and efficiency gains.
CDL operates from a state-of-the-art facility in Runcorn,
Cheshire. This additional facility will provide further capacity
for Restore's operations in the North West of England and
complements Restore Technology's existing sites in Birmingham,
Bedford, Bristol, Portsmouth and Dunsfold.
CDL has an extensive UK wide customer base and operates through
both direct relationships and the IT Reseller channel, which
represents a key strategic growth area for the business. Key
management and over 80 staff will remain in the business which will
be integrated into Restore Technology during 2021. CDL is a well
invested, highly profitable and cash generative business and is
expected to generate revenues of approximately GBP8m and EBIT of
more than GBP2m per annum in the medium term.
Charles Bligh, CEO, commented on the acquisition:
"CDL is one of the most respected operators in the market and
after several years of discussions we are delighted that they have
decided to become part of our fast-growing company. Restore
Technology is now comfortably the UK market leader in the recycling
of IT assets and with the addition of a major new site in the North
West, we have increased our scale and created greater opportunity
to grow, both organically and with additional acquisitions in the
future."
For further information, please visit:
www.restore.co.uk/Technology
www.computerdisposals.com
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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END
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