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Company Announcements

Disposal 01 June 2020(3)

01st June 2020

RNS Number : 4508O
Dart Group PLC
01 June 2020
 

 

1 June 2020

 

Dart Group plc

("the Group")

 

Sale of Fowler Welch

 

Dart Group plc, the Leisure Travel and Distribution & Logistics group, today announces that it has completed the sale of its Distribution and Logistics business, Fowler Welch to Culina Group Limited for a gross cash consideration of £98.0 million (the "Transaction").

Fowler Welch is one of the UK's leading providers of food supply-chain services and serves retailers, processors, growers and importers through its distribution network. In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, located at its Teynham facility. At 31 March 2020, Fowler Welch had unaudited net assets of £60.5 million.

The Board believes that the Transaction will enable the Group to focus on its long-term strategy of growing its Leisure Travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

For further information please contact:

 

 

Dart Group plc

Philip Meeson, Executive Chairman

Gary Brown, Group Chief Financial Officer

 

 

0113 239 7817

 

Cenkos Securities plc

Nominated Adviser

Katy Birkin / Russell Cook/ Harry Hargreaves

 

020 7397 8900

Canaccord Genuity

Joint Broker

Adam James

020 7523 8000

 

Arden Partners

Joint Broker

Paul Shackleton / Daniel Gee-Summons

 

 

020 7614 5900

Buchanan

Financial PR

Richard Oldworth

020 7466 5000

 

 

 


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Written by Internal

Posted in

June 01, 2020 at 00:00

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