Tue, 22 Apr 2014 | MERGER
Record manager firm Magnum Secure has been purchased by support services provider Restore in a £4.6 million deal.
Buying Magnum will cement Restore’s position as a leading records management service provider in Britain, the London-based business said.
“The acquisition of Magnum broadens our customer base in records management market, increases our geographical coverage of the UK and will provide the group with additional cross-selling opportunities,” Charles Skinner, chief executive of Restore, said.
“We have a strong track record of effectively integrating records management businesses and the board looks forward to the contribution to the group that Magnum will make.”
Magnum is based in Goole, Yorkshire, and was established in 1989 to operate document management and secure shredding services to public and private businesses across the North East of England.
It handles vast amounts of electronic and physical records including financial, personnel, legal, medical and contracts etc. It opened a new facility in Spennymore, Country Durham in April 2010, to help push further growth and taking its total storage capacity to over 750,000.
The company’s turnover is expected to be about £2.8 million for the year ending 31 July 2014, with EBITDA of £600k.
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