Paterson snapped up by data security firm Restore

ONE of Scotland’s largest document management companies has been bought by an Aim-quoted business in a £662,000 deal.

Paterson Data Management, based in Glasgow, has been acquired by London-headquartered office services business Restore in a transaction which was funded from existing bank facilities and the issue of new shares.

Restore’s chief executive Charles Skinner said the deal, which will see the Paterson family who founded the company receive £496,000, represented a “leap forward” for the records management activities of the group.

“It has long been the board’s aim for Restore to become a national provider of records management services across the UK and we have now realised that goal. Not only will Paterson enable us to increase our records management activity across Scotland, but it will enable us to win valuable national contracts and continue to compete with the other market leaders in this space across the UK,” he said.

In the year to 30 June 2010, Paterson, which is led by managing director Robert Paterson, reported profits before tax and interest of £110,000 on a turnover of £502,000. The Paterson family has been involved in businesses providing storage and safekeeping services since 1848.

Restore’s existing document storage facilities include a 70-acre underground, high-security facility in Wiltshire. The acquisition of Paterson Data Management represents its fourth buy-out in the office services market in the past year.

The company also owns Peter Cox, a Manchester-based timber treatment business.

Shares in Restore closed up 10p at 64p yesterday.