Restore PLC Sale of ITP Group Holdings Limited (0503R)
February 26 2019 - 1:00AM
UK Regulatory
TIDMRST
RNS Number : 0503R
Restore PLC
26 February 2019
26 February 2019
Restore plc
Sale of ITP Group Holdings Limited ("ITP")
Restore plc ("Restore"), the UK office services provider, has
sold ITP, its toner cartridge recycling business, to Ink &
Toner Recycling Limited ("Ink & Toner"). Restore will receive a
40 per cent stake in Ink & Toner as consideration and will be
represented on Ink & Toner's board.
Restore will treat ITP Group , which generated revenues of
approximately GBP4 million and a small operating loss in the year
ended 31 December 2018, as a discontinued activity and account for
it as a minority interest going forward.
Charles Skinner, Chief Executive of Restore commented:
"The sale of ITP enables us to focus on the core IT hardware
lifecycle management activities within our Restore Technology
business. The combination of ITP and Ink & Toner creates an
enlarged business that is better placed to grow and deliver
increased value for Restore."
Contact:
Restore plc www.restoreplc.com
Charles Skinner, Chief Executive 07966 234075
Adam Councell, Group Finance
Director 07860 402 434
Peel Hunt LLP www.peelhunt.com
Guy Wiehahn 020 7418 8900
Mike Bell
Ed Allsopp
FTI Consulting www.fticonsulting.com
Nick Hasell 020 3727 1340
Alex Le May
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END
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