Wincanton (WIN) has sold its record management business for £55.7m to document storage specialist Restore (RST), in a deal designed to strengthen the supply chain manager's balance sheet and core focus on logistic operations.
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Management confirmed that under the group's banking arrangements, roughly £11m will be due for mandatory prepayment. A further £7m will then be paid into the Wincanton Pension Scheme, with the remaining proceeds then expected to bring the ratio of average net debt down to below two times cash profits.
