Restore chief executive Charles Skinner has announced he will step down at the end of 2026, passing leadership to current chief financial officer Dan Baker. Skinner returned to the company three years ago to oversee a turnaround at the UK-based document handling specialist.

Under Skinner’s second tenure, Restore has undergone significant restructuring aimed at improving operational performance. The company divested its underperforming office relocation division and consolidated its digital and physical storage businesses. These changes contributed to a doubling of operating profit in its technology arm compared to the previous year, with management attributing gains to a combination of higher selling prices and a more selective approach to business activities.

In its latest half-year results, Restore reported a 19 percent increase in adjusted operating profit and achieved an underlying margin slightly above 20 percent. Despite these improvements, the company’s shares have seen mixed performance. Over the past three years, Restore’s stock has risen by 74 percent but has shown limited momentum recently, gaining only 5 percent in the last 12 months.

Restore remains considerably smaller than its US counterpart Iron Mountain, with a market size roughly one-tenth that of the American firm. Unlike Iron Mountain, which has expanded into data center leasing and benefited from the artificial intelligence (AI) sector’s growth, Restore has yet to secure exposure to these faster-growing markets. As a result, Restore’s price-to-earnings ratio is less than a quarter of Iron Mountain’s.

The contrasting fortunes of these once-similar document storage companies underscore broader trends in the UK and US markets. While Iron Mountain’s shares have increased by 175 percent over the past five years, boosted by strategic diversification, Restore’s shares have declined by about 40 percent over the same period before recovering somewhat in recent years. Industry observers note, however, that the picture is more nuanced than a simple success-failure dichotomy.

For example, US-based International Paper’s recent acquisition of UK packaging company DS Smith, initially seen as a strong transatlantic investment, is now being re-evaluated with plans to split International Paper into two entities — a move interpreted by some as an admission that the deal has not met expectations.

Looking ahead, Restore’s management believes the company is well positioned for further growth. By continuing to focus on core competencies while identifying new market opportunities, the firm aims to attract additional investor confidence and improve its valuation. Skinner’s successor, Dan Baker, will inherit a business that has made tangible progress but still faces significant challenges competing in a rapidly evolving sector.