Datacare Acquisition


 

TIDMMVW 
 
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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