Mavinwood, the Aim-listed support services company 60% owned by Lord Ashcroft, the former Tory party treasurer, will today announce its third acquisition since flotation. It is paying £11.2m for Wansdyke, a privately owned firm that has a 1m sq ft underground document storage facility near Bath.
The debt-funded purchase will double the size of Mavinwood's storage business. Mavinwood is the brainchild of the former Dyno-Rod executives Kevin Mahoney and Mike Vincent. Shares in the company, which listed on Aim in November 2004, closed at 11.3p on Friday, valuing the company at £38m.