A recycler of waste electrical and electronic equipment (WEEE) has been bought by a records management firm.
Restore announced the acquisition on 20 February of Itad Works, a Surrey-based provider of IT asset recovery and recycling services.
Itad Works, founded in 2002, operates equipment that separates WEEE into raw material streams that are further refined by partner recycling businesses.
For the 12 months ending 30 September 2016, Itad Works generated revenues of £3.5m based on unaudited accounts.
Restore’s acquisition of the company was funded from its existing bank facilities.
Chief executive Charles Skinner said: “Itad Works fits well alongside IT Efficient, our existing IT recycling business, and will significantly expand our presence in this growing market.”
This follows the company’s acquisition in January of Bedfordshire-based secure shredding business ID Secured, which trades as Reisswolf London.