PHS Data Solutions Sells To Restore PLC
Back in July of 2016 PHS Group released a statement about their Data Solutions Division:
We can confirm that we are in discussions with Restore plc about the proposed sale of our Data Solutions business and that we have entered into an agreement to sell the Data Solutions division to them, subject to various conditions being satisfied.
The proposed sale would involve our three Data Solutions businesses – PHS DataShred, PHS Records Management and Capital Capture.
Since this statement, Restore PLC went ahead and bought the Data Solutions arm of the PHS Group for a whopping £85 million.
Restore PLC is a British Service office provider and seems to be on a massive growth run. Their purchase of PHS Data Solutions comes on the heels of a recent acquisition they made in Wincanton PLC to buy their records management business. The deal with Wincanton PLC was done in a bid to consolidate Restore’s record management business, and they paid Wincanton PLC £60million.
As part of the deal with PHS, all 580 employees of PHS Data Solutions will be going over to join the team at Restore PLC.
PHS DATA SOLUTIONS – What is it
PHS Data Solutions is comprised of 3 companies:
PHS Datashred provides an on site paper shredding service to homes and businesses. They process, across their 12 branches here in the UK, well over 50,000 tonnes annually.
PHS Records Management Software specialise in the archiving business. At the point of purchase, they stored just under 2.5 millions boxes. Through out their 8 locations in the UK, they were operating at being over 80% full.
PHS Capital Capture provides a professional, off site scanning service for businesses. They would come and collect the documents, scan them and return them. This service was run out of their 2 dedicated branches in London and Birmingham.
After purchasing PHS Data Solutions, Charles Skinner, Restore’s chief executives, said:
“The acquisition of PHS Data Solutions is a further significant step in our strategy of consolidation and provides a compelling opportunity to combine with a business of scale whose activities are all core to Restore. It will transform our shredding activities to make Restore the second largest operator in an attractive market and provides scope to realize synergies in records management and document scanning. PHS Data Solutions and Restore are an excellent strategic fit whose combination we are confident will drive increased returns for Restore’s shareholders.”