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 | |
Charles Skinner, Chief Executive | 07966 234075 |
Adam Councell, Group Finance Director | 07860 402 434 |
Peel Hunt LLP | |
Guy Wiehahn | 020 7418 8900 |
Mike Bell | |
Ed Allsopp | |
FTI Consulting | |
Nick Hasell | 020 3727 1340 |
Alex Le May |