Flying Brands Limited (the "Company" or the "Group")
Annual Results Announcement
For The Year Ended 30th December 2011
We announced on 27th April 2012 that we had obtained shareholder approval for the disposal of our Gifts Division and the disposal of our Garden Bird Supplies, Garden Centre Online and Listen2 businesses. We expect to complete these disposals shortly and will announce their completion in due course. After completion of these disposals, the remaining business of the Group will comprise the freehold property at Retreat Farm, the Growing and Live Dispatch business ("GLD") based at Retreat Farm and the Gardening Direct retail business. Currently, the Board is in discussions with a number of prospective purchasers of the Gardening Direct retail business. It is not our current intention to sell either Retreat Farm or the GLD business. We will update shareholders on the progress of discussions for the sale of Gardening Direct at the latest by the date of release of our Interim Announcement and it is our intention at that time to update shareholders on the future of the Group as a whole.
Today we are releasing our annual results for the year ended 30th December 2011. A copy of the full text of our Annual Report and financial statements, including the Chairman's Statement and Business Review is attached to this announcement.
In our Annual Report we announce that we have embarked on a restructuring programme to cut central overheads to a level more appropriate to our reduced operational size and that we expect to have reduced costs significantly by the end of the first half of 2012. As a first step we have entered into a contract with Promotional Logistics Limited (trading as Prolog) for the outsourcing of our remaining call centre activities with effect from early June 2012. The proposed closure of our call centre will also enable us to close our Chelmsford Head Office and we have exercised the break clause in our lease and will be vacating these premises in late June 2012.
Finally, we have agreed an overdraft facility of £0.25m with Barclays Bank which will provide the Group with additional short-term working capital should this be required to enable us to continue to operate Gardening Direct in the usual course.
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