Dart Group PLC Disposal (4508O)
01 June 2020 - 4:00PM
UK Regulatory
TIDMDTG
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 GBP98.0 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 GBP60.5 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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END
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