Datacare Acquisition

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 £1.155m funded from existing bank facilities.  In the year to 31 March 2010 Datacare recorded operating profit of £183,000 on turnover of £1.8m. Net assets at completion are forecast to be £500,000.

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: [phone]
Cenkos Securities
Nicholas Wells / Elizabeth Bowman	Tel: [phone]
Threadneedle Communications
John Coles	Tel: [phone]

 

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