Datacare Acquisition
07 September 2010 - 4:00PM
UK Regulatory
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RNS Number : 2054S
Mavinwood PLC
07 September 2010
7 September 2010
Mavinwood plc
Acquisition of Datacare Ltd
Mavinwood plc is pleased to announce the acquisition of Datacare Ltd which was
completed on 6 September 2010. This acquisition is in line with Mavinwood's
stated strategy of developing its data management activities and complements the
existing Restore document storage business.
Datacare is a document storage company, specialising in innovative storage
options primarily for the pharmaceutical and health-related sectors. Datacare
currently employs 30 staff based at Upper Heyford in Oxfordshire. It was
purchased from Mears plc for cash consideration of GBP1.155m funded from
existing bank facilities. In the year to 31 March 2010 Datacare recorded
operating profit of GBP183,000 on turnover of GBP1.8m. Net assets at completion
are forecast to be GBP500,000.
Commenting on this acquisition, Charles Skinner, Chief Executive of Mavinwood
plc, said:
"This acquisition adds to Mavinwood's critical mass in our core data management
activities and the Board believes will increase the profitability of the group.
Datacare fits well with our document storage business providing it with
increased geographic coverage and diversifying its customer base, particularly
in the pharmaceutical sector. We believe that significant cost savings will
arise post acquisition which will increase its profitability.
This is the first step in our strategy to grow our business through acquisitions
as well as organically. It reinforces the attractions of Mavinwood plc as a
stable company with excellent growth prospects."
For further information, please contact:
+------------------------------------------+--------------------+
| Mavinwood | |
+------------------------------------------+--------------------+
| Charles Skinner, Chief Executive | Tel: 07966 234 075 |
+------------------------------------------+--------------------+
| | |
| Cenkos Securities | |
+------------------------------------------+--------------------+
| Nicholas Wells / Elizabeth Bowman | Tel: 020 7397 8900 |
+------------------------------------------+--------------------+
| | |
| Threadneedle Communications | |
+------------------------------------------+--------------------+
| John Coles | Tel: 020 7653 9848 |
+------------------------------------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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