Wynnstay Group PLC Acquisition of Agricultural Stores (4743M)
30 April 2018 - 7:03PM
UK Regulatory
TIDMWYN
RNS Number : 4743M
Wynnstay Group PLC
30 April 2018
30 April 2018
AIM: WYN
Wynnstay Group plc
("Wynnstay" or the "Group" or the "Company")
Acquisition of Agricultural Stores
Wynnstay, the agricultural supplies group, is pleased to
announce that it has reached agreement with the administrators of
Countrywide Farmers plc ("Countrywide") to acquire the business and
assets of eight stores from Countrywide's network of country
outlets for a total initial consideration of GBP0.8m, payable in
cash on completion, to be adjusted for stock valuation.
With five of the stores located in Devon and Cornwall, their
addition strategically extends Wynnstay's geographic reach in the
South West of England, particularly in Cornwall, following an
acquisition in the county in March 2018. The remainder help to
consolidate Wynnstay's existing presence in Shropshire,
Monmouthshire, and Oxfordshire, with stores in Bridgnorth, Raglan
and Thame, respectively. The new stores provide a range of products
for farmers and the rural community, and operate similarly to
Wynnstay Country Stores. At completion, the total number of
Wynnstay Country Stores will increase from 52 to 60 outlets.
In the year to 30 November 2017, the new stores generated
combined sales of GBP16.4m. Following completion, Wynnstay intends
to implement an integration and investment programme, and expects
to see the benefits of a positive contribution from the stores
start to come through over the course of 2019 and beyond.
The Company will announce half year results for the six months
ended 30 April 2018 in mid-June.
Ken Greetham, Chief Executive Officer of Wynnstay,
commented:
"We are very pleased to have acquired eight country stores
previously operated by Countrywide Famers. Their addition increases
our footprint in both our existing trading heartland, and in the
South West of England, in particular giving us an increased profile
in Cornwall and Devon.
"Farmers and the rural community are at the heart of Wynnstay's
offering and we look forward to welcoming new customers to the
Group, as we introduce our products and services across these new
stores."
Enquiries:
Wynnstay Group plc Ken Greetham, Chief T: 01691
Executive 827 142
Paul Roberts, Finance
Director
KTZ Communications Katie Tzouliadis T: 020 3178
/ Irene Bermont-Penn 6378
/ Emma Pearson
Shore Capital (Nomad Stephane Auton / T: 020 7408
and Broker) Patrick Castle 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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