Leeds' Clipper Logistics completes £2.5m acquisition of RepairTech

Clipper Logistics plc, the Leeds-based provider of logistics solutions and e-fulfilment to the retail sector, has completed the acquisition of RepairTech Limited.

RepairTech is a specialist provider of consumer electronic repair services based in Southam, Warwickshire.

The acquisition of RepairTech enables Clipper to provide a wide range of returns management services across the whole spectrum of apparel, general merchandise and electronic and electrical equipment.

RepairTech was established in 1999 by the current managing director, Richard Costello. It reported underlying earnings before interest and tax of £644k on revenues of £3.2m in its unaudited financial statements to March 2017.

The acquisition was completed with £2.5m in cash, with a further £500k deferred for 12 months.

Assets acquired with the business include net cash balances of approximately £300k. The consideration is being funded from Clipper’s existing cash and bank facilities.

All members of the senior management team of RepairTech, including managing director Richard Costello, will remain with the business.

Steve Parkin, executive chairman of Clipper, commented: “RepairTech is a robustly profitable and cash generative business. The acquisition will enable us to offer existing and prospective customers of both RepairTech and the Group a truly comprehensive range of returns management services.

“We welcome the employees and management team of RepairTech to the Clipper group, and look forward to continuing to build the breadth and depth of our services and customer base”.

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