Restore (AIM:RST) – unusual but interesting acquisition
The provider of document management and relocations services has made the somewhat unusual acquisition of one of the UK’s leading collector of empty printing cartridges, ITP Group Holdings Limited. It’s certainly a departure from their previous expansion in the document management sector.
Founded in 1992, ITP collects empty printer cartridges and sells them on to cartridge remanufacturers and original equipment manufacturers. Based in Reading, it also has facilities in Thetford, Norfolk and Frankfurt in Germany. ITP trades under the names ITP, Takeback and Office Green. It collects cartridges from thousands of premises across the UK in all business sectors, including large corporates, SMEs, NHS Trusts and schools. It also makes bulk purchases of cartridges from waste operators and other recycling businesses and handles several million items a year. For the 12 months to 31 May 2015, ITP’s management accounts recorded an operating…