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A B C D E F G H I J K L M N O P R S T V W Y

Brabners advises Restore on latest acquisition

Brabners advises Restore on latest acquisition

Wednesday 4th November 2015

Commercial law firm Brabners has advised office services provider Restore plc on the acquisition of the records management business of Wincanton plc for a consideration of approximately £55.7 million.

Restore is an AIM-listed company with North West facilities in Middleton, Manchester, Leigh and Bolton.

Wincanton Records Management is one of the largest records management businesses in the UK as well as having a significant presence in the Republic of Ireland records management market. It operates from two major sites in both London and Dublin as well as having operations in Bristol, Telford and Motherwell.

Restore has funded the acquisition, which is subject to a general meeting to be held on 7 December, and gained additional working capital through a £34 million placing by its broker Cenkos Securities and a rebanking of up to £80 million by a syndicate of Barclays and RBS.

Charles Skinner, Chief Executive of Restore plc, said: "The acquisition of Wincanton Records Management is a significant next step in our stated strategy of continuing to consolidate the UK records management market. We have been tracking this opportunity for some time and we are excited by the potential to combine two businesses of scale to materially expand our platform for growth. We have consistently achieved substantial post-acquisition cost savings and we are confident of realising significant synergies from this transaction that will drive increased returns for Restore’s shareholders."

Brabners Corporate Partner David Bowcock, who led the team advising Restore on the acquisition, said: "We're delighted that Restore has been able to agree terms on its largest acquisition to date and take such a significant step forward. The support of its broker, institutional investors and banks bears testament to its success to date in efficiently executing so many acquisitions and its stated strategy."

The corporate legal team at Brabners also included Mark Morrell, Charlotte Round and Matthew O'Brien.

Simon Masters and Nicola Brookes of Eversheds acted for Wincanton.

For further information please contact:
Anne Griffiths, PR Manager
Brabners LLP
DD 0151 600 3072
Mobile 07772 052196
Email anne.griffiths@brabners.com