1 Jun 2020 07:00
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 £98.0 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 £60.5 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
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0113 239 7817
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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 |