The office services provider has bought out Crimson UK for £1million ($1.5 million/€1.4 million).
Further payments of up to £675,000 ($1,057,680/€956,052) over the next five years may be made, on the condition of securing and executing of a potential major contract, StockMarketWire reported. Restore purchased empties collector ITP last month, after its founder and MD was forced to step down for health reasons.
David Connett, Editor of The Recycler, said of the deal: “This is a good deal for Restore, the new owners, who have taken a unique opportunity to access a valuable and dynamic industry sector and build additional value and services into their business. For remanufacturers it keeps in play a major and independent source of empties, and for the staff, many of whom have been with the company for many years, a positive future for the business.
“For the outgoing owners, they are leaving their 20 year-old ‘baby’ in good hands as they face the challenges ahead.”
Charles Skinner, CEO of Restore, also said of the ITP acquisition: “The acquisition of ITP further broadens the scope of services we offer our customers and enhances our presence in the recycling of office products. We believe this transaction provides us with another excellent platform for growth and the board looks forward to the contribution to the group that ITP will make.”