Restore has increased its focus on office services by offloading the ill-fitting damp-proofing business, Peter Cox, for £3.6m. The deal is a related-party transaction as the buyer, Castlefield House, is controlled by former finance director Harvey Samson.
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Restore was an incongruous mix of damp-proofing and document storage, even more so after the acquisition of office relocation company Harrow Green. This has now been rectified with the sale of Peter Cox, and the deal looks good as the proceeds will reduce debt, allow further bolt-on deals and remove the group's exposure to the struggling UK housing market.