Acquisition

13 Oct 2006 14:58

Portmeirion Group PLC13 October 2006 Portmeirion Group Plc ('Portmeirion') Acquisition Portmeirion announces the acquisition of Pimpernel, Cloverleaf and Manorcraftbrands. These brands are primarily involved in the placemat, coaster, mug andtray markets. Portmeirion has today completed the purchase of goodwill, intellectual propertyand some stock from Pimpernel International Limited (in Administration). The consideration of £323,000 will be paid in cash. A further £225,000 isexpected to be spent in re-organisation costs. The total expenditure of £548,000will be met from existing cash balances. Further purchases of Pimpernel stockscurrently situated at UK ports may be made, subject to satisfactory negotiationswith various suppliers and logistics companies. The acquisition of this brand is expected to generate at least £3 million ofadditional turnover in 2007. Lawrence Bryan, Chief Executive of Portmeirion said: "This is an excellent fit for our Group. The continued expansion into nonceramic household goods is part of our overall strategy. Pimpernel is arespected brand and shares many of our current customers. This acquisition givesus an expanded product selection and naturally complements our currentassortment. We look forward to providing the excellent customer service anddesign expertise for which we are known to all markets around the world wherePimpernel products are in demand." For further information please contact: Arthur Ralley, Chairman 01782 744721Brett Phillips, Finance Director 01782 744721 This information is provided by RNS The company news service from the London Stock Exchange