Restore buys Bedfordshire-based secure shredding company

Document and records management company Restore has bought Reisswolf London, a Bedfordshire-based secure shredding company, for an undisclosed feel, in order to expand its customer base in the south east.

The AIM-listed company bought Reisswolf London, the trading name of ID Secured, from Parry & Evans, following the acquisition of Resiswolf Wales, a fibre-based waste recycling business, also from P&E.

Charles Skinner, chief executive of Restore, said: "The addition of Reisswolf London, following our recent acquisition of Reisswolf Wales, will expand our customer base in the South East region, produce further economies of scale, and strengthen our position as the second largest provider of secure shredding services in the UK."

The acquisition was funded by Restore's existing bank facilities.

For the year ended 31 May 2016, Reisswolf London, which was founded in 2002, generated revenue of £1.3m.

Shares in Restore were up 1.1% to 366p at 0818 GMT.