Last checked at 28 Jul 2023 07:00
28 July 2023
Greencore Group plc
Class 2 Announcement under the FCA Listing Rules
Sale of Trilby Trading Limited
Greencore Group plc ("Greencore" or the "Group"), a leading manufacturer of convenience foods in the UK, announces today that its wholly owned subsidiary, Greencore Advances DAC, has entered into an agreement to sell the entire issued share capital of Trilby Trading Limited ("Trilby") to K.T.C. (Edibles) Limited, a majority owned subsidiary of funds managed by Endless LLP (the "Transaction").
Trilby is one of Ireland's leading importers and distributors of vegetable oils and fats for the food processing industry and sells approximately 60,000 tonnes of product each year to customers in Ireland, the United Kingdom and Holland.
The Group is selling Trilby for cash consideration of approximately €9,800,000, subject to customary adjustments. The proceeds from the Transaction will be used for general corporate purposes and to further strengthen the Group's balance sheet.
As of the half year ended 31 March 2023, the value of the Trilby gross assets was €23,366,162 and the profit before tax attributable to Greencore's interest in Trilby for the full year ended 30 September 2022 was €2,926,689.
Dalton Philips, CEO of Greencore, said: "Trilby is a great business with attractive assets and a fantastic team. However, given our strategic focus on the UK convenience food market, it is no longer a core part of Greencore's plans. As such, we are very pleased to have found such a good home for Trilby's operations and colleagues."
Paresh Mehta, CEO of K.T.C. Edibles, said: "We are very excited by the acquisition of Trilby, following a strong period of trading under Greencore's ownership. KTC see great potential in the Trilby team as an on-the-ground platform to support our growth ambitions in Ireland."
The Transaction is expected to close in September 2023 subject to the approval of relevant anti-trust authorities and customary closing conditions and will allow Greencore to optimise its portfolio for sustainable growth, focus its efforts and resources on its core competencies and reinforce its balance sheet. Greencore has identified Trilby's Managing Director, Paul Ward as the key individual important to the Trilby business.
The sale constitutes a Class 2 transaction for the purposes of the UK Financial Conduct Authority's Listing Rules and, as such, does not require shareholder approval.
For further information, please contact:
Jonathan Solesbury | Interim Chief Financial Officer | Tel: +353 (0) 1 605 1000 |
Curtis Armstrong | Head of FP&A | Tel: +44 (0) 1246 384649 |
Rob Greening/ Nick Hayns/ Sam Austrums | Powerscourt | Tel: +44 (0) 20 7250 1446 |
Billy Murphy/ Claire Rowley | Drury Communications | Tel: +353 (0) 1 260 5000 |
About Greencore
We are a leading manufacturer of convenience food in the UK and our purpose is to make every day taste better. We supply all of the major supermarkets in the UK. We also supply convenience and travel retail outlets, discounters, coffee shops, foodservice and other retailers. We have strong market positions in a range of categories including sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings.
In FY22 we manufactured 795m sandwiches and other food to go products, 127m chilled prepared meals, 249m bottles of cooking sauces, pickles and condiments and 47m of chilled soups and sauces. We carry out more than 10,600 direct to store deliveries each day. We have 16 world-class manufacturing and 18 distribution centres in the UK, with industry-leading technology and supply chain capabilities. We generated revenues of £1.7bn in FY22 and employ more than 14,000 people. We are headquartered in Dublin, Ireland.
For further information go to www.greencore.com or follow Greencore on social media.