The office services company has agreed to buy Diamond Relocations Ltd.
LSE reported on the agreement to buy Diamond Relocations, which will cost £971,000 ($1.4 million/€1.3 million) funded by Restore’s “existing bank facilities”, with the commercial relocations business reporting revenue in the last financial year of £906,000 ($1.3 million/€1.2 million). The announcement of the deal also saw shares in Restore increase by 0.3 percent to 291.50 pence ($4.35/€4.02).
CEO Charles Skinner stated that “Diamond fits well alongside Harrow Green, our market-leading office relocations business, and provides us with a base from which to serve customers in South London and the surrounding area”. The acquisition adds to Restore’s expanding portfolio, after it bought out empties collector ITP in July, UK document scanning business Crimson UK in August, and document shredder Wincanton in November.
The company’s document management business grew by 73 percent, as reported in September, while its half-year results were said to be “broadly in line” with predictions in July.