Restore PLC Sale of ITP Group Holdings Limited (0503R)

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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February 26, 2019 02:00 ET (07:00 GMT)