Clipper Plc acquires RepairTech Limited
In June 2017, Clipper Logistics Plc purchased the entire issued share capital of RepairTech Limited. Clipper commented:
“Handling returned products efficiently is important to protect retailers and manufacturers margins and working capital. This is where Boomerang, Clipper’s market-leading returns service, comes in. In December 2014, Boomerang also acquired Servicecare Support Services Ltd, plus its comprehensive returns management operation for apparel, general merchandise, electronics and electrical equipment.
“RepairTech was established in 1999 by its current managing director, Richard Costello. It has been consistently profitable, with reported underlying earnings, before interest and tax, of £644,000 on revenues of £3.2million in its unaudited financial statements to March 2017.
“All members of RepairTech’s senior management team will remain with the business to continue to deliver organic growth.”
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 RepairTech and Clipper with a truly comprehensive range of returns management services. We welcome RepairTech’s employees and management team to the Clipper group, and look forward to building our breadth and depth of services and customers.”
Richard Costello, Managing Director of RepairTech, commented: “This is a fantastic opportunity for us. RepairTech fits perfectly into Boomerang, and, when combined with our specialist services, accreditations and skills, we will bring further benefits to customers and suppliers alike. This move gives us the financial strength, stability and opportunities we need for expansion. Myself, the management team and all our staff are very much looking forward to our future as an integral part of this dynamic group.”