LONDON (ShareCast) - Document management and office relocation-focused Restore announced it has exchanged contracts to acquire Cannon Confidential from OCS Group for 0.933m pounds.

Cannon Confidential which was founded in 1998 provides shredding services from four sites across the UK, the group was purchased on a debt-free, cash-free basis, funded from the company’s existing bank facilities.

The acquisition of Cannon Confidential is expected to add critical mass to Restore Shred, the firm's shredding and recycling business, and extend its geographic coverage. For the 12 months ending March 30th 2014 Cannon Confidential's turnover was £1.7m, on which it recorded a small loss.

Chief Executive Charles Skinner said: "We have been developing a strong and fast growing shredding business which fits neatly with our other operations and expands the range of services we offer to our customers. This acquisition greatly enhances our capability and gives us full coverage of mainland Britain."

As of 10:25 Restore’s share price had risen 0.29% to 173p.

WS

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