Restore plc Acquires Atix Limited
Restore plc ("Restore" or "the Company") is pleased to announce the acquisition of Atix Limited ("Atix"), which was completed on 19 April 2013.
Founded in 1997 and based in Kent, Atix is a records management business with a broad range of customers, predominantly in London and the South East of England.
Atix was purchased for a cash consideration of £932,000, on a cash free debt free basis, funded from Restore's existing bank facilities. For the 12 months to 31 March 2013, Atix's turnover is expected to be in the region of £845,000, with EBITDA in the region of £232,000.
The acquisition of Atix will further strengthen Restore's position as one of the UK's leading providers of records management services and brings the benefit of some strong and long-standing customer relationships.
Commenting on this acquisition, Charles Skinner, Chief Executive of Restore plc, said:
"Atix is a well-established provider of records management services in the South East and its acquisition will further broaden our customer base and provide the Group with additional cross-selling opportunities. Following on from our purchase of File & Data last month, this transaction demonstrates the continued progress of our acquisition-led growth strategy. The Board looks forward to the contribution to the Group that Atix will make".