Portmeirion (LON:PMP)

Portmeirion (LON:PMP)


Share Price
993.50 p
Change
18.5 (1.90 %)
Market Cap
£108.02 m
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Portmeirion RNS Release

Acquisition


RNS Number : 0101R
Portmeirion Group PLC
25 February 2019
 

25th February 2019

 

 

PORTMEIRION GROUP PLC

('Portmeirion' or 'the Group')

 

Acquisition of additional equity in Furlong Mills

 

Portmeirion, the manufacturer and worldwide distributor of high quality homewares, has acquired further ordinary shares in Furlong Mills Limited ('Furlong Mills') from Dudson (Holdings) Limited, for a total consideration of £363,000. This has been funded from the Group's existing cash resources. The shares acquired constitute 7.5% of the issued share capital of Furlong Mills. The resultant holding following this transaction is 44.4%. Furlong Mills will continue to be accounted for as an associated undertaking in the Group's accounts.

Furlong Mills is an important part of the Group's supply chain providing ceramic materials for the manufacture of earthenware pottery in its Stoke-on-Trent factory. The Group will continue to play an active role in the management of Furlong Mills.

In the last audited accounts of Furlong Mills (to 31 December 2017), revenue was £8.6 million and profit before tax was £0.5 million. Net assets at 31 December 2017 were £4.9 million.

 

 

Enquiries:

 

Portmeirion Group PLC:

 

Dick Steele,

Non-executive Chairman  

+44 (0) 1782 744721

[email protected]

Mike Raybould,

Group Finance Director  

+44 (0) 1782 744721

[email protected]




Hudson Sandler:

Dan de Belder

Nick Moore

+44 (0) 207 796 4133

 

[email protected]

[email protected]

 

Panmure Gordon:

(Nominated Adviser and Broker)                

+44 (0) 207 886 2500


Freddy Crossley / Joanna Langley


Corporate Finance

James Stearns


Corporate Broking

 

Cantor Fitzgerald Europe:

(Joint Broker)                                           

+44 (0) 207 894 7000


Phil Davies / Rick Thompson


Corporate Finance

Caspar Shand Kydd


Sales

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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