LONDON (ShareCast) - Document management and office relocation-focused Restore on Monday announced it has acquired Filebase, which provides records management and secure shredding services, predominantly in the North East of England.

Filebase, which was founded in 1996, was purchased for a cash consideration of £378,000, which was funded from Restore's existing banking facilities.

Restore explained that Filebase has "certain outstanding financial obligations", which it will take on. For the 12 months ended March 31st 2014, Filebase's turnover was £1.3m, with earnings before interest, tax, depreciation and amortisation of £0.1m.

The acquisition of Filebase will consolidate Restore's position as one of the UK's leading providers of records management services and, in combination with last month's purchase of Magnum Secure, further strengthens the group's presence in the North East of England, it said.

Charles Skinner, Chief Executive of Restore, added: "This acquisition continues our strategy of enhancing shareholder value through consolidating smaller UK records management businesses. The addition of Filebase further extends our UK market share and provides the group with additional cross-selling opportunities."

NR

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE