REG - Restore PLC - Disposal of Restore Harrow Green

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RNS Number : 7412K  Restore PLC  09 December 2025

9 December
2025

 

Restore plc

("Restore" or the "Group" or the "Company")

 

Disposal of Restore Harrow Green

 

Restore today announces the disposal of Restore Harrow Green ("Harrow Green")
to Bouverie Holdings Ltd, a company owned by the same shareholders as the
parent company of Pickfords Move Management Ltd (trading as "Pickfords"), for
a cash consideration of £5.5m of which £2.0m is contingent on FY26
performance.

Harrow Green is the UK's leading commercial relocation company, supporting
corporate and public sector clients with complex workspace moves. Harrow Green
is expected to deliver 2025 full year revenue and adjusted operating profit of
c.£30m (2024: £35.3m) and c.£0.3m (2024: £1.9m) respectively, representing
a significant year-on-year reduction. Against this background, the Board
undertook a strategic review of options for the business and concluded that it
had become increasingly non-core for the Group, with limited commercial
benefits from being part of Restore.

Harrow Green is a strong strategic fit with Pickfords, the UK market leader in
domestic relocations, which will benefit from revenue and property synergies
as it transitions to a number of shared sites. As part of the sale, Harrow
Green will exit its operational and head office site in Silvertown,
London.

The disposal has now completed and accordingly Harrow Green will be treated as
a discontinued operation in the Group's 2025 accounts and will not contribute
to continuing adjusted operating profit for the year ending 31 December 2025.
It is expected that the disposal will result in a non-cash loss of c.£3m.
There will be additional cash costs of c.£2m, primarily relating to the exit
of Silvertown together with deal related costs.

The net sale proceeds will be used to pay down the Group's debt facility, with
a view to recycling the capital into Restore's core business areas over the
short to medium term.

 

Charles Skinner, CEO, commented:

"Whilst Harrow Green is a well-run business with a blue-chip customer base,
and management has done an excellent job in a very challenging market, it has
become increasingly non-core for the Group. We are therefore pleased to have
completed the sale of the business to Pickfords, which represents a logical
strategic partner for the business and is well placed to take it forward. We
wish Pickfords and the team at Harrow Green the very best for the future."

 

 

 

Cautionary Statement: This announcement contains certain statements,
statistics and projections that are or may be forward-looking. The accuracy
and completeness of all such statements, including, without limitation,
statements regarding the future financial position, strategy, projected costs,
plans, and objectives for the management of future operations of Restore and
its subsidiaries is not warranted or guaranteed. These statements typically
contain words such as 'intends', 'expects', 'anticipated', 'estimates' and
words of similar import. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future. Although Restore believes that the
expectations will prove to be correct. There are a number of factors, many of
which are beyond the control of Restore, which could cause actual results and
developments to differ materially from those expressed or implied by such
forward-looking statements.

 

For further information please contact:

 

 Restore plc                                                     www.restoreplc.com (http://www.restoreplc.com)

 Charles Skinner, CEO                                            +44 (0) 207 409 2420

 Dan Baker, CFO

 Chris Fussell, Company Secretary

 Investec (Nominated Adviser and Joint Broker)                   www.investec.com (http://www.investec.com)

 Carlton Nelson                                                  +44 (0) 207 597 5970

 James Rudd

 Canaccord Genuity (Joint Broker)                                www.canaccordgenuity.com (http://www.canaccordgenuity.com)

 Max Hartley                                                     +44 (0) 207 523 8000

 Alex Aylen

 FTI Consulting (PR Enquiries)                                   www.fticonsulting.com/uk (http://www.fticonsulting.com/uk)

 Nick Hasell                                                     +44 (0) 203 727 1340

 Alex Le May

 

 

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