Restore has acquired 100% of the share capital of The Document Warehouse in the UK, for a cash consideration of £6.5m. TDW is an established records management business located in Sittingbourne, Kent, with c.124k boxes under management and generating annual revenue of c.£550k.

Importantly, the business has a modern freehold warehouse and logistics centre (which is a majority of the consideration) that will provide an additional, strategically well-located site with capacity to service the key London and the South of England markets for Restore’s growing box estate and to further consolidate existing sites.

This is the third Records Management investment in the last nine months, which together have increased Restore’s Records Management capacity by c.7% (c.1.8m boxes). Additional strategic capacity investments have included:

• Entry into a new lease for a c.960k box facility in Heywood, Lancashire (August 2021) with an option to expand occupancy at the site by a further 1.1m boxes
• Through the EDM acquisition (May 2021), 3 leasehold sites acquired with spare box capacity of c.230k
• This acquisition of TDW will provide a further c.680k capacity with planning approvals This is the sixth acquisition by Restore this year and brings the total invested year to date to £83.9m.

Charles Bligh, Restore CEO, commented: “I am delighted with the acquisition of TDW, which brings new customers and associated revenue to the Group, alongside a strategically valuable freehold site. The potential to create c. 680k of new box capacity near London will enable Restore to support both organic and inorganic growth in the region as well as generating further cost saving opportunities as part of our footprint optimisation strategy. We have made excellent progress on our strategic priority to grow with acquisitions, with close to £84m invested across six transactions so far this year and we have a number of well advanced opportunities across all business units to close in 2021 and 2022.”

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