LONDON (ShareCast) - AIM-listed office services group Restore has acquired Magnum Secure, a records management and shredding services company focused in the north east of England.

Founded in 1989, Magnum is said to have developed a strong presence with large public sector organisations and currently operates from sites in Goole, East Yorkshire and Spennymoor, County Durham.

Restore spent £4.6m on Magnum on a cash and debt free basis, funded from its existing banking facilities.

For its current financial year ending July 31st, Magnum is expected to generate revenue of around £2.8m and operating profits in the region of £0.6m.

"The acquisition of Magnum broadens our customer base in records management, increases our geographical coverage of the UK and will provide the group with additional cross-selling opportunities," said Restore's Chief Executive Charles Skinner.

"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."

BC

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