EDM changes hands in £61m deal
Bilston-based information management company EDM Group has been sold to Restore in a £61 million deal.
Charles Bligh, chief executive of Restore, said: “I am delighted with the acquisition of the EDM UK business and the value this will create for shareholders. EDM is a business that is well known to us, it is well invested with a loyal customer base and a terrific team of over 430, each of whom we welcome into the group today.
"Bringing EDM’s scale and capabilities together with ours will deliver even better offerings for customers and build an even stronger UK player in the management of physical and digital data.
“This acquisition is in line with the growth strategy of the business outlined over the last two years, which is to grow our records management business and to enhance the product portfolio and market share in Restore Digital.”
EDM, based at EDM House, Village Way, had turnover of £26.1m and earnings before tax of £4.4m for 2020-2021.
London-based Restore says the firm will return to 2020 levels of trading over the next 12 months.
It will double the size of Restore's digital business with 74 per cent of EDM's revenue from digital solutions.
The remaining 26 per cent of EDM revenue is from physical records storage, adding approximately 1.9 million boxes across three sites, increasing the group's storage base by approximately 10 per cent.
