8 Mar 2016 07:00
For immediate release | 8 March 2016 |
WALKER GREENBANK PLC
("Walker Greenbank" or "the Company")
Interim Insurance Payment
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co., Harlequin, Zoffany, Scion and Anthology, announces that it has received an interim insurance payment of £8.0 million in connection with the flooding last year at Standfast & Barracks, the Company's fabric printing factory in Lancaster.
The interim payment is in respect of damage to printing machinery, stock and other business assets and loss of profits. The Company's insurance policy covers flood damage and business interruption for a two year period and a further interim payment will be made in due course.
Progress towards restoring production at Standfast & Barracks continues to proceed on track. The initial priority has been to restart digital printing and it was agreed with the Company's insurers that the four digital printing machines would be replaced rather than repaired.
Digital fabric printing began towards the end of last month on a like for like replacement machine and customer shipments are starting this week. The three other machines are being replaced with next generation digital printers with higher throughput and capabilities. The first of these has been commissioned and is expected to be in full production shortly.
It is expected that full digital printing capacity will be restored by early April 2016 and that the majority of the factory's total printing capacity will be back on stream by the end of April 2016.
John Sach, Walker Greenbank's Chief Executive, commented: "We are making good progress with the recovery plan following the flooding at Standfast & Barracks. We expect that full digital printing capacity will be restored by early April and that the majority of the factory's total printing capacity will be back on stream by the end of April."
For further information:
Walker Greenbank PLC | +44 (0) 844 543 4668 |
John Sach, Chief Executive Mike Gant, Chief Financial Officer | |
Caroline Geary, Company Secretary | |
Investec Bank plc | +44 (0) 20 7597 5970 |
Garry Levin / David Anderson - Nominated Adviser | |
Henry Reast - Corporate Broking | |
Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Helen Chan / Sophie Cowles |
Notes for editors:
About Walker Greenbank
Walker Greenbank PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers and fabrics together with a wide range of ancillary interior products. The Company's brand portfolio - comprising Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology - spans heritage and contemporary design and its products are sold in more than 85 countries worldwide. The Company derives significant licensing income from the use of its designs in lifestyle products such as bed linen, rugs and tableware.
The Company employs more than 600 people and has showrooms in London, New York, Paris, Amsterdam and Dubai along with partnership showrooms in Moscow and in Shenzhen, China. Its UK manufacturing base, which includes a wallpaper factory in Loughborough and a fabric printing factory in Lancaster, manufactures product both for the Group and for other wallpaper and fabric brands. Continued investment in manufacturing has allowed the Group to offer a wide range of printing techniques.
Walker Greenbank trades on the AIM market of the London Stock Exchange under the ticker symbol WGB.
For further information please visit: www.walkergreenbank.com/