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Pin to quick picksWynnstay Regulatory News (WYN)

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Update regarding Just for Pets

14 Sep 2017 15:18

RNS Number : 8028Q
Wynnstay Group PLC
14 September 2017
 

AIM: WYN

14 September 2017

 

WYNNSTAY GROUP PLC

("Wynnstay" or "the Company")

 

Update regarding Just for Pets

 

Wynnstay, the agricultural and retail group, provides the following update on Just for Pets Ltd ("JfP").

As previously reported, the trading environment for JfP, which comprises 25 stores, has shown a marked deterioration over the last year. Changes in consumer buying behaviour, coupled with additional sources of competition and greater cost pressures, have placed an increasing strain on the business and the subsidiary has become loss-making. It became increasingly clear that restructuring measures were required and, as announced in the Company's half year results on 21 June 2017, a review of the options for the business was commenced and the Company recognised a goodwill impairment charge of £3.89m in relation to JfP. 

Following a careful and extensive consideration of alternative solutions, including a sale of the business, the difficult decision has been taken to give Notice of Intention to Appoint Administrators to the Just for Pets business. The Company intends to work alongside advisers in order to preserve as much value as possible for all stakeholders of JfP, including its employees, customers, suppliers and Wynnstay shareholders. 

For the six months to 30 April 2017, JfP generated £7.0m of revenues, approximately 3% of Wynnstay's total revenues for the period, and an operating loss of £0.25m. The Company's total adjusted operating profit for the same period was £4.24m. Current segmental net assets relating to JfP totalled approximately £2.2m.

Management expects to recognise exceptional charges relating to the write-off of net assets and associated costs.

Ken Greetham, Chief Executive of Wynnstay, commented:

 

"This has been an extremely difficult decision to make and we are saddened by the announcement of the Notice of the Intention to Appoint Administrators for the Just for Pets business. Having thoroughly investigated and pursued other options, it has been concluded that this was the correct path to take, both for Just for Pets and Wynnstay, given the difficult circumstances in which JfP has found itself in recent years.

"We will be working closely with advisers to ensure that Just for Pets employees, customers, suppliers and Wynnstay shareholders are best served."

Enquiries:

 

Wynnstay Group plc

Ken Greetham, Chief Executive

Paul Roberts, Finance Director

Today

T: 020 3178 6384

 

 

 

KTZ Communications

Katie Tzouliadis / Irene Bermont-Penn / Emma Pearson

 

T: 020 3178 6378

Shore Capital (Nomad and Broker)

Stephane Auton / Patrick Castle

T: 020 7408 4090

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCGGUCGBUPMGCC
Date   Source Headline
3rd Nov 200510:53 amRNSHolding(s) in Company
14th Oct 20057:00 amRNSExercise of Options
7th Oct 200511:06 amRNSConversion of Securities
29th Sep 200511:57 amRNSRe Joint Venture
14th Sep 200510:21 amRNSHolding(s) in Company
29th Jun 20057:00 amRNSInterim Results
24th Jun 20057:00 amRNSNotice of Results
8th Jun 20055:09 pmRNSHolding(s) in Company
28th Apr 20058:33 amRNSScrip Div & Directors Holding
5th Apr 200511:37 amRNSHolding(s) in Company
22nd Mar 20057:00 amRNSAGM Statement
27th Jan 20052:59 pmRNSDirector Shareholding
26th Jan 20054:46 pmRNSDividend Declaration
26th Jan 20057:00 amRNSFinal Results
19th Jan 200512:17 pmRNSNotice of Results

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