23 Oct 2008 14:25
23 October 2008
Marchpole Holdings plc
("Marchpole" or "the Company")
Annual General Meeting Statement
At Marchpole Holdings Annual General Meeting held this morning the Chairman of Marchpole Holdings plc, Christopher Phillips, gave the following statement and update on current trading.
"At the time of the announcement on 5 August 2008 of our results for the 53 weeks ended 5 April 2008 we reported that the year to date had proved to be challenging, with very difficult trading conditions leading to a substantial loss for the full year. However, it has also been a year of significant change and some progress for the Group, as we continue to evolve into a diversified international luxury brand management business with a globally recognised portfolio of fashion brands.
Most recently we announced a successful fund raising of £2.5 million with Atlas Design, which provides the Company with a more secure foundation from which to pursue growth opportunities as they arise. In addition we have also appointed Atlas Chairman Peter Wahlberg and Atlas CEO Allan Ladow to the Board of Marchpole as non-executive directors, and we look forward to benefiting from the additional experience that they bring to the Company.
Significantly during the current financial period we have entered into a joint venture and licensing agreement with the DKNY menswear label, under the terms of which Marchpole will source, design, produce and distribute a full range of DKNY menswear apparel throughout the world, excluding the Indian and Japanese markets. The agreement is for an initial period of seven years, with the option to extend the licence for a further seven years.
Trading conditions in the current financial year continue to be extremely difficult as a result of the deterioration in consumer markets, following the ongoing global financial crisis.
The Board is taking all appropriate measures to deal with the current challenging economic environment and is maintaining a regular dialogue with the Company's bankers, in common with most other businesses exposed to the retail sector. In the current environment the directors continue to review all options and will provide an update on the trading performance with the interim statement in early December."
For further information please contact:
For further information, please contact :
Bell Pottinger Corporate & Financial 020 7861 3232
David Rydell / Emma Kent
Marchpole Holdings plc 020 7908 7777
Chris Phillips, Chairman
Michael Morris, Executive Deputy Chairman