22 April 2014 – acquisition
The group has expanded its operations with the acquisition of Magnum Secure Limited for cash consideration of £4.6m. Magnum provides record management and secure shredding services, predominantly in the north east of England. It operates from sites in Goole, East Yorkshire and Spennymoor, County Durham, mainly acting for large, public sector organisations. In the year to 31 July 2014, Magnum’s revenues are expected to be £2.8m with EBITDA likely to be in the region of £0.6m. The acquisition will increase geographical coverage of the UKI market and provide further cross-selling opportunities and we re-iterate our recommendation of BUY.