Restore Acquires ITP for £4 Million

ITP Group Holdings, a Berkshire-based collector of empty printing cartridges, has been acquired by listed office services provider Restore.

According to insidermedia.com, Restore will pay up to £4m on a cash-free debt-free basis. The initial consideration is £3.2m, funded from Restore’s existing bank facilities, with a further £400,000 payable after a six-month handover period and an additional payment of up to £400,000 based on performance during that period.

Charles Skinner, Chief Executive of Restore, commented on the takeover, “The acquisition of ITP further broadens the scope of services we offer our customers and enhances our presence in the recycling of office products. We believe this transaction provides us with another excellent platform for growth and the Board looks forward to the contribution to the group that ITP will make.”

ITP trades under the names ITP, Takeback and Office Green. The company collects cartridges from thousands of locations across the UK from large corporations, SMEs, NHS Trusts and schools. Also, it makes bulk purchases of cartridges from waste operators and other recycling companies.

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