Dart Group PLC - Sale of Fowler Welch

Fowler Welch

Posted in Announcements

June 02, 2020 at 18:18

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

Tel: 0113 239 7817

Cenkos Securities plc

Nominated Adviser

Katy Birkin/Russell Cook/Harry Hargreaves

Tel: 020 7397 8900

Canaccord Genuity - Joint Broker

Adam James

Tel: 020 7523 8000

Arden Partners - Joint Broker

Paul Shackleton/Daniel Gee-Summons

Tel: 020 7614 5900

Buchanan - Financial PR

Richard Oldworth

Tel: 020 7466 5000