Business
Strategic acquisition of The Document Warehouse
Strategic acquisition of The Document Warehouse.
About this update from Restore Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3535Q\n Restore PLC\n 27 October 2021\n \n \n \n \n 27 October 2021\n \n \n Restore plc\n \n \n (\"Restore\" or the \"Group\" or \"Company\")\n \n \n \n \n \n Strategic acquisition of The Document Warehouse\n \n \n \n \n \n Continued expansion of Records Management\n \n \n \n \n \n Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling, and commercial relocation solutions, is pleased to announce that is has acquired 100% of the share capital of The Document Warehouse in the UK (\"TDW\"), for a cash consideration of £6.5m.\n \n \n \n \n \n TDW is an established records management business located in Sittingbourne, Kent, with c.124k boxes under management and generating annual revenue of c.£550k. Importantly, the business has a modern freehold warehouse and logistics centre (which is a majority of the consideration) that will provide an additional, strategically well-located site with capacity to service the key London and the South of England markets for Restore's growing box estate and to further consolidate existing sites.\n \n \n \n \n \n To support the long-term trend of annual organic growth of 1-2% pa in boxes under management, Restore has a strategy to expand capacity, whilst also reducing cost through increasing storage density and consolidation of existing premises. Whilst most of the Group's storage footprint is leased, this opportunity to acquire a freehold site with available capacity and future development potential, represents an excellent strategic opportunity. \n \n \n \n \n \n Key features of the acquisition are:\n \n \n · \n Current boxes under management c.124k, servicing customers across London and the South of England\n \n \n · \n Capacity to hold up to a further c.350k additional boxes in the existing building \n \n \n · \n Potential to expand capacity to c.800k-1million boxes subject to planning permission which will create total additional capacity of c.680k boxes\n \n \n The additional c.680k capacity will provide opportunity for further property consolidation in the South of England, as well as capacity for future acquisitions and further organic growth from existing customers around London. This follows completion of a significant extension at Restore's sector...