PTD.L Regulatory News (PTD)

RNS Reach: Non-Regulatory Announcement

2 Aug 2022

PITTARDS PLC

("Pittards", "the Company" or "the Group")

Strategic aquisition of Luxury Fashion Brand, Hill & Friends Limited

Pittards plc (AIM: PTD), the specialist producer of technically advanced leather and luxury  leather goods for global brands, manufacturers, and distributors, is pleased to announce that it has acquired the brand and assets of Hill & Friends Limited, a contemporary luxury fashion brand founded by Emma Hill CBE and Georgia Fendley, based in London.

The acquisition enables Pittards to add another luxury fashion brand to its growing portfolio, bringing with it a distinctive aesthetic, proven pedigree, and a loyal customer base whilst also offering the potential for material international growth.

Founded in 2015, Hill & Friends' range of high fashion handbags and accessories quickly established a reputation for both quality and value. Co-Founder Emma Hill's ethos of believing in fair trade and ethical practices conforms with Pittards own long term strategy to drive sustainable growth, and will provide operational & creative efficiencies with Pittards existing fashion brands. She joins Pittards as a consultant.

Commenting on the acquisition, Pittards' CEO, Reg Hankey,  said: "maintaining our strong balance sheet, this acquisition has been financed entirely from the Company's existing liquidity. This complementary acquisition represents a compelling opportunity to further scale our offering, building on our success with our luxury gentlemen's brand Daines and Hathaway. We are excited to be working with Emma to increase the breadth of our fashion industry offering whilst at the same time, driving further synergy benefits and unlocking shareholder value through increased scale."

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