Caerphilly-based PHS Group has provisionally agreed to sell its PHS Data Solutions division in an £83 million deal.
Comprising of PHS Datashred, PHS Records Management and PHS Capital Capture, the division will be sold to office services provider Restore, who will take on the 580-strong Datashred team.
A statement on Datashred’s website read: “We can confirm that we are in discussions with Restore plc about the proposed sale of our Data Solutions business and that we have entered into an agreement to sell the Data Solutions division to them, subject to various conditions being satisfied.
“The proposed sale would involve our three Data Solutions businesses – PHS DataShred, PHS Records Management and Capital Capture.
“We are now at the stage of more detailed discussion with Restore plc. Should a sale be agreed, we would anticipate that it would be completed by the end of August 2016.”
PHS Datashred operates from a national network of 12 branches and processes approximately 65,000 tonnes of paper a year, as well as providing the secure destruction of confidential items.
PHS Records Management stores approximately 2.3 million boxes across eight locations, while PHS Capital Capture provides on and off-site document scanning services with branches in London and Birmingham.
For the year ended 31 March 2016, PHS Data Solutions made a £8.4m pre-tax profit on revenues of £46.8m.