Chippenham-based logistics group Wincanton has completed the sale of its records management division for £60m.
The group signed a conditional agreement in November to dispose of the business to Restore, the Surrey-based document management firm, on a cash and debt-free basis. 
At the time Wincanton said the move would allow it to focus on its logistics operations and use the proceeds primarily to reduce its debt.
The sale was completed just before Christmas with all conditions, including approval of Restore’s shareholders, satisfied.
Set up 14 years ago, Wincanton Records Management (WRM) provides its blue-chip customer base with services such as document storage, scanning and shredding. It covers the whole of the UK from its headquarters in Essex and has a significant presence in the Republic of Ireland.
In November Wincanton said all 167 employees would transfer to Restore.
WRM made an operating profit of £3.5m on revenues of £22.4m in the year to March 31, 2015. Its gross assets were £22.2m on that date.
Wincanton operates more than 4,000 vehicles and employs 15,500 people across 200-plus sites in the UK.
Restore is one of the UK’s leading records management and commercial relocation providers. It provides safe and secure services in document storage, online and tape storage, document shredding, office relocation, IT relocation and IT asset disposal.
