Restore gobbles up Diamond Relocations

A major expansion for Restore, as it confirmed a takeover of one of its South London rivals on Thursday.

The AIM-listed document management and relocations business announced it had completed the acquisition of Diamond Relocations, a relocations business based in Croydon.

Diamond was founded in 1990 and many of its operations paralleled Restore. It specialised in office relocation, document storage, warehousing and secure shredding services.

Relocation services represented 80% of Diamond's turnover at the time of the transaction.

"Diamond fits well alongside Harrow Green, our market-leading office relocations business, and provides us with a base from which to serve customers in South London and the surrounding area," said Restore chief executive Charles Skinner.

Diamond was purchased for a consideration of £971,000, funded from Restore's existing bank facilities.

For the 12 months ending March 31, 2015, Diamond generated revenues totalling £906,000.

At 15:55 GMT on Thursday, shares in Restore were trading up 0.52% to 292p.