REG - Restore PLC - Sale of ITP Group Holdings Limited

RestoreAnnouncement

26/02/2019 07:05

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 £4 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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