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I think the other terms are not there by accident. I wonder if the current management and some major holders are about to be out maneavoured and the Tusmore Collection will be able to recreate the original ethos and direction of the company under a "new" management using its control over the brands, IP and property if/when the current team default on the terms, which seems likely in due course?
I also saw charge was filled earlier this month against them by Lender: "Tusmore Collection" for range of intellectual property/brands (also mentions loan recall due to covenants breach, mortgage, real property, etc. - but I guess it's just a placeholder and blanks weren't filled in this standard template). Would be interesting to see if they can pull this off as last equity raise might not be enough.
Here it says still suspended, but latest RNS (with interim results {loss}) reports it's restored and trading resumed from today 8am.
Are they profitable yet? Another RNS with mantras about delayed accounts and even worse - now the need for finance and asset sale/restructure, would be interesting to see where did money go they've got not so long ago. They keep feeding the story about sales (now with "uncertainty" stance and other issues in a channels added) forgetting to mention what in order to be sustainable and self-sufficient - it needs to generate profits on a first place. Cutting costs probably is a good thing but it's not something you can pull off without affecting productivity (otherwise the obvious question would be "why the $%^& where you wasting these money before?"). I hope we can see net financial results soon as promised (not for a first time already). In summary: clouds are getting darker.
Hello Yuri_F,
Yes, it doesn't look good - a shame. Not being able to complete their accounts for 2021 even after an extension doesn't look good. Accounts can be good or bad, that's life, but not being able to complete them? Are they implying that there was an issue with the valuation of the original Union Distillers when acquired by BHC regarding their stock take? Again, there is a lack of communication with the shareholders too.
Well, it's made close to 1m loss in 2019, then increased to two millions in 2020 (even considering those accounting period changes).
And now after equity raise in 2021 instead of timely report it goes straight into (temp?) suspension.
Hello Glengarth,
It seems you are the only poster on this board so, as a small shareholder of BHC, I thought I would join you. Where is BHC going I wonder? It was an exciting, vibrant company under the leadership of Michael Williams. However, since his sad departure, the company seems lacklustre and making little positive progress. The communication with shareholders has dropped off and no enthusiasm is conveyed. Now it is raising 0.475M for working capital and plans to change its name to Union Distillers. Of course, the share price is reflecting this. Is it stagnant, or worse, without Michael Williams? I do hope for some positive news, although any news to shareholders would be an improvement for the current leadership.
Sorry to see Michael stepping down due to health reasons - I wish him well.
Hopefully the torch will continue to be flown and this little British company will fly the flag around the world and continue Michael's efforts!
The British Honey Company plc (“British Honey”, “BHC”, “the Company” or “the Group”), the producer
of premium British Honey, Honey-infused spirits and no/low products, announces the following Board
changes, all with immediate effect.
Mr Michael Williams has stepped down as Interim Chairman and Chief Executive Officer with but will
remain on the Board as a Non-Executive Director pending the appointment of his replacement as
Chairman. A professional search firm has been appointed to seek a suitable successor.
Mr Philip Seers has also resigned as Senior Non-Executive Director but will continue to provide
advisory services to the Company as required by the Board. Mr Robert Porter-Smith has re-joined the
Board as a Non-Executive Director.
Mr Alex Maurice, currently the Company’s Chief of Staff, has been appointed Chief Operating Officer.
It is the intention to appoint Alex Maurice to the board pending completion of the standard regulatory
checks and a further announcement will be made in due course. Mr Maurice, who has been with the
company since 2016 has been instrumental in the development of the Company’s market leading
proprietary software.
Shame to Michael stepping down. Wonder what has been going on.
Nice growth in revenue and gross profits!
The British Honey Company plc (“British Honey”, “BHC” or “the Company”), the producer of
premium British Honey, craft spirits and alcohol sanitiser products, is pleased to announce its Interim
Results for the six month trading period ended 30 June 2021.
Financial Highlights
? Strong trading performance in Q4, 2020 has continued into the current year with significant
increase in online sales during H1
? Total revenue from consolidated continuing operations during the period increased to £3.0
million (6 months to 30 June 2020: £1.0 million)
? Consolidated gross profit increased to £1.4 million (6 months to 30 June 2020: £0.7 million)
? Operating loss of £1.3 million (6 months to 30 June 2020: £1.0 million loss)
? Loss per share of 9.90 pence (6 months to 30 June 2020 (10.58 pence loss)
? Cash position at period end of £1.8 million (2020: £3.7 million)
Operational highlights
? £10 million acquisition of Union Distillers Limited (“Union”) completed; successful £4.6
million equity placing to fund the acquisition
? Collaboration Agreement and Share-Swap investment with List Distillery LLC (“List”)
recently extended to 28 December 2021
? Expansion into whisky production with second distillery and bonded warehouse under
construction, with completion expected during 2022
? Continued investment in market-leading proprietary IT/Software systems and infrastructure
and setting up of new software subsidiary, eDistil Ltd
? Expansion of spirits brands, creating new flavours and offerings, including successful release
of range of ready to drink products aimed at the fast-growing hard seltzer and low and no
alcohol categories
? Reorganisation of the Board and senior management team
? First major shipment sent to China for the new Keepr’s bar in Xi’An in ShanXi province opened
by Group’s Chinese partners
https://www.aquis.eu/aquis-stock-exchange/for-investors/announcements?view_news_id=3145004
Solid progress, looking forward to hearing more from this year so far, lots happening on multiple fronts. Great British company in the work hopefully!
Nice to see this little British company doing well domestically and abroad. I'm posting here to help fly the flag!
The acquisition of Union in February is proving to be transformational for the Group with the integration process having already been largely completed and according to plan. The strategy of the enlarged Group is to develop a multi-category brand portfolio across a number of geographies through both organic and acquisitive growth. This will be driven by increased marketing, new product development and significantly increased e-commerce revenue, thereby expanding its combined range of established premium spirits brands, developing new brands and products and further penetrating existing UK and overseas markets. BHC has implemented its software and it is expecting to complete the transition onto the BHC software by the end of April.
Notwithstanding the anticipated continued easing of lockdown restrictions, the combined Order Book at 31 March 2021 stood at £4 million. Further investment in production and warehousing capacity totaling £500k, is being made, including a new bottling line which is expected to be operational before the year end. This line will increase capacity to c. 4m bottles p.a. A new 5cl bottling line is also being installed which will allow the production of 10,000 miniatures per hour. The Company has already received its first order for 5cl miniatures and production is expected to begin in June.
The COVID pandemic has impacted on BHC's ability to operate in its two key overseas target markets, the United States and China, due to travel restrictions and a consequential inability to carry out adequate due diligence. However, the Company has received its first order from China for the majority of its Brand Portfolio (Keepr's, Dodd's, 1606, English Heritage, London Distillery Company) and this will ship in May. The Group's Chinese partners have opened the first Keepr's bar this month which will exclusively sell the Company's products. BHC will continue to explore opportunities within these markets. The Company is pursuing other M&A opportunities in the UK, which remains a key focus in an area ripe for consolidation, by leveraging the Company's well invested platform.
Finally, the Company has adopted and intends to fully comply with the Quoted Companies Alliance Corporate Governance Code. To this end, BHC will publish a Corporate Governance Statement on its website shortly, fully addressing all disclosure requirements.
The British Honey Company plc, the producer of premium British Honey, Honey-infused spirits and alcohol sanitiser products, is pleased to provide the following update covering the first three months' trading ("Q1") of the current financial year ending 31 December 2021.
Continuing the strong performance achieved in the last quarter of FY2020, total revenues from operations in Q1 2021, excluding hand sanitiser sales, rose to approximately £1.33million. This figure represents a 26 per cent. increase over the £1.05 million of sales for the corresponding period in 2020. Sales of the Company's own brands, including Keepr's and the "Two Birds" which is a key brand of the recently acquired Union Distillers Limited ("Union"), represented 29 per cent. of total revenues with third-party sales comprising the remaining 71 per cent. Strong growth in online sales has continued with 22 per cent. of branded sales being online. Sales of non-alcoholic and low-alcohol products (NO-LO) also continue to rise and are expected to be meaningful contributors going forward. Both increases reflect a noticeable change in consumer purchasing and lifestyle habits. The Company is exploring a range of new products to enhance its B2C proposition which will continue to drive sales of our own brands. Net cash as at 31 March 2021 was £3.3 million.
Online sales growth has been driven in large part by the Group's market-leading proprietary software technology which has enabled seamless integration with a number of third-party platforms, providing key online sales channels. Combined online sales in Q1 accounted for approximately 21% of own brand sales. BHC is committed to further developing its software and will continue to invest in online IT infrastructures and connectivity to other online retailers.
The Company's senior management team has also been strengthened during the period with the recent appointment of Philip Elly as Chief Financial Officer. Prior to joining the Group, Philip has been Financial Controller for Funkin ****tails, a subsidiary of AG Barr PLC, for the past 6 years. Philip brings experience of finance within an SME and PLC together with extensive and highly relevant knowledge of the drinks sector. Both the Sales and Marketing and Software Development teams have been bolstered with key appointments. The Company is currently identifying new independent Non-Executive Directors to join the Board and a further update will be made once individuals have been identified.
Fun to see BHC mentioned in this article
https://www.thisismoney.co.uk/money/markets/article-9448811/AJ-Bell-announces-firms-Aquis-Stock-Exchange-platform.html
London South East interviewed Michael Williams the Chairman and CEO of British Honey Company (AQSE: BHC). Michael talks us through the Union Distillers acquisition and his plans to grow the business. Please view here: https://youtu.be/bMcKnaFIzKw