The Recycler
  • G&G Masthead August 2024
  • Ambiente 2025 Masthead
  • Biuromax Masthead web banner March 2024
  • Katun Masthead Nov 2024

Restore acquires TNT Business Solutions

March 26, 2018

Restore plc has announced that it has commenced the acquisition of TNT Business Solutions, with the purchase expected to be completed on 1 May 2018.

UK office services provider, Restore, has revealed that it has entered into an agreement to acquire TNT Business Solutions, the records management business of TNT UK Limited, for a sum of £88 million ($125 million/€100.7 million), on a cash and debt free basis. The completion of this acquisition is scheduled for 1 May 2018.

Restore has also announced a placing, conditional on the acquisition completion, with institutional investors to raise up to £51.5 million ($73.1 million/€58.9 million) before expenses through the issue of up to 10, 100, 000 new ordinary shares of 5 pence each at 510 pence per Placing Share. Restore revealed that the placing was significantly oversubscribed with demand from new and existing institutional shareholders.

The acquisition will be financed partly from the funds Restore raises from the placing, as well as partly through new debt facilities with Barclays, Royal Bank of Scotland, Lloyds Bank and Bank of Ireland.

TNT Business Solutions operates from five sites in the Midlands and the outskirts of London, including two freehold sites at Swadlincote, Derbyshire and Thurrock, Essex.

TNT BS currently employs over 250 staff, who will transfer to Restore once the acquisition is completed.

Restore explained that the acquisition would further strengthen its position in UK records management, particularly with public sector customers who represent the majority of TNT BS’s revenues. The company also revealed that it expects that there will be operational and property synergies deriving from the acquisition, as well as cross-selling opportunities.

Key management is expected to remain with the business and the acquisition is expected to enhance Restore plc’s earnings.

The news of this acquisition follows hard on the heels of Restore’s recent positive financial results, and is the second acquisition for the company in the last 12 months, as Restore acquired Baxter Confidential Limited in August last year.

Categories : World Focus

Tags : Acquisition Business Restore TNT Business Solutions UK

  • GM Technology Nov Web Ad
  • Cartridge Web Nov Web Banner
  • Static Control June 2022 Big & Bold Ad
  • G&G web advert October 2024
  • Biuromax Nov 2024 Web Ad
  • IR Italiana Web ad January 2021
  • Ink Tank No Web advert
  • Apex Web ad Nov 2024
  • TN Core Nov Web advert
  • PCL Nov Web advert
  • Zhono Web ad March 2024
  • Mito Web banner June 2024
  • ITP Web ad January 2021
  • denner UK Web Banner Jul 2024
  • Denner Feb 2024 Web Ad
  • HYB Web banner Jan 2024
  • CET Web ad December 2023
  • Denner Feb 2024 Web Ad
  • Mito Web banner June 2024
  • HYB Web banner Jan 2024
  • denner UK Web Banner Jul 2024
  • ITP Web ad January 2021
  • PCL Nov Web advert
  • CET Web ad December 2023
  • Zhono Web ad March 2024
  • Zhono Web ad March 2024
  • Denner Feb 2024 Web Ad
  • Mito Web banner June 2024
  • PCL Nov Web advert
  • HYB Web banner Jan 2024
  • ITP Web ad January 2021
  • CET Web ad December 2023
  • denner UK Web Banner Jul 2024

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark