Business
Datacare Acquisition
Datacare Acquisition.
About this update from Restore Plc
[{"type":"text","content":"\n RNS Number : 2054S Mavinwood PLC 07 September 2010 \n \n\n 7 September 2010\n \n \nMavinwood plc\n \nAcquisition of Datacare Ltd\n \nMavinwood plc is pleased to announce the acquisition of Datacare Ltd which was completed on 6 September 2010. This acquisition is in line with Mavinwood's stated strategy of developing its data management activities and complements the existing Restore document storage business. \n \nDatacare is a document storage company, specialising in innovative storage options primarily for the pharmaceutical and health-related sectors. Datacare currently employs 30 staff based at Upper Heyford in Oxfordshire. It was purchased from Mears plc for cash consideration of £1.155m funded from existing bank facilities. In the year to 31 March 2010 Datacare recorded operating profit of £183,000 on turnover of £1.8m. Net assets at completion are forecast to be £500,000. \n \nCommenting on this acquisition, Charles Skinner, Chief Executive of Mavinwood plc, said:\n \n\"This acquisition adds to Mavinwood's critical mass in our core data management activities and the Board believes will increase the profitability of the group. \n \nDatacare fits well with our document storage business providing it with increased geographic coverage and diversifying its customer base, particularly in the pharmaceutical sector. We believe that significant cost savings will arise post acquisition which will increase its profitability.\n \nThis is the first step in our strategy to grow our business through acquisitions as well as organically. It reinforc...