Restore has acquired the records management business Formsafe for £1 million.
AIM-quoted data handling company Restore has acquired the records management business Formsafe for £1 million.
The acquisition was funded from Restore’s existing banking facilities, and includes net assets of £230,000.
Charles Skinner, chief executive of Restore, says: ‘This acquisition will further strengthen Restore’s document storage activities. Significant cost savings are expected to be realised rapidly following the acquisition. This represents another step towards increasing our critical mass in the data management arena.’
Established in 1986, Formsafe provides storage and management of archival records and computer system back-ups for clients in sectors such as healthcare and publishing. The West Sussex-based company employs 12 staff and also has storage facilities in Aberdare, South Wales. In the year to September 2010, Formsafe declared an operating profit of £83,000 on turnover of £900,000.
London-based Restore provides data handling and construction services through its three divisions; the document scanning and storage companies Restore and Document Control Services, and the damp-proofing company Peter Cox. The current deal follows the £1.2 million acquisition of the document storage company Datacare in September. In 2009, Restore declared a pre-tax loss of £7.8 million on a turnover of £27 million.