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Last checked at 
25 Feb 2019 11:00
25th February 2019
PORTMEIRION GROUP PLC
('Portmeirion' or 'the Group')
Acquisition of additional equity in Furlong Mills
Portmeirion, the manufacturer and worldwide distributor of high quality homewares, has acquired further ordinary shares in Furlong Mills Limited ('Furlong Mills') from Dudson (Holdings) Limited, for a total consideration of £363,000. This has been funded from the Group's existing cash resources. The shares acquired constitute 7.5% of the issued share capital of Furlong Mills. The resultant holding following this transaction is 44.4%. Furlong Mills will continue to be accounted for as an associated undertaking in the Group's accounts.
Furlong Mills is an important part of the Group's supply chain providing ceramic materials for the manufacture of earthenware pottery in its Stoke-on-Trent factory. The Group will continue to play an active role in the management of Furlong Mills.
In the last audited accounts of Furlong Mills (to 31 December 2017), revenue was £8.6 million and profit before tax was £0.5 million. Net assets at 31 December 2017 were £4.9 million.
Enquiries:
Portmeirion Group PLC:
| ||
Dick Steele, Non-executive Chairman | +44 (0) 1782 744721 | steele_clan@msn.com |
Mike Raybould, Group Finance Director | +44 (0) 1782 744721 | mraybould@portmeiriongroup.com |
Hudson Sandler: | ||
Dan de Belder Nick Moore | +44 (0) 207 796 4133
| ddebelder@hudsonsandler.com nmoore@hudsonsandler.com
|
Panmure Gordon: | ||
(Nominated Adviser and Broker) | +44 (0) 207 886 2500 | |
Freddy Crossley / Joanna Langley | Corporate Finance | |
James Stearns | Corporate Broking
| |
Cantor Fitzgerald Europe: | ||
(Joint Broker) | +44 (0) 207 894 7000 | |
Phil Davies / Rick Thompson | Corporate Finance | |
Caspar Shand Kydd | Sales | |
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