RCS - Frontier IP Group - Octopus invest in Alusid as part of equity funding

Frontier IPAnnouncement

22/01/2024 07:00

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RNS Number : 3155A  Frontier IP Group plc  22 January 2024

Reach - a non-regulatory announcement

AIM: FIPP

22 Jan 2024

 

Frontier IP Group Plc

("Frontier IP" or the "Group")

 

 

Portfolio news - Octopus invests in Alusid as part of £1.13 million equity
funding round

 

 

Frontier IP, a specialist in commercialising intellectual property, today
announces that portfolio company Alusid Limited ("Alusid" or the "Company")
has raised £500,000 through equity funding from Octopus Investments
("Octopus") via the Octopus AIM VCT plc and Octopus AIM VCT 2  plc funds.

 

The investment, the first in the Company from Octopus, is part of a larger
funding round raising £1.13 million from existing and new investors. The
round values Alusid at £9.5 million post investment.

 

Frontier IP now holds a 35.4 per cent equity stake in the Company, which makes
premium-quality tiles from recycled industrial waste.

 

Proceeds from the fund raising will be used to support Alusid's expansion into
new product ranges and territories. The Company is developing hard-wearing
floor tiles, which are expected to launch commercially this year, and is in
discussions with potential distributors in Scandinavia and Northern Europe. It
is also exploring options for an initial public offering later this year.

 

Octopus's investment caps a successful year for Alusid. Topps Tiles, the UK's
no. 1 tile retailer, launched its first range of Alusid-made tiles, called
Principle, made from a minimum of 91.3 per cent recycled material, a level
among the highest in the industry. Further product launches through Topps are
expected. Alusid has also developed a successful relationship with Starbucks
EMEA and its tiles can now be found in coffee shops across Europe and the
Middle East.

 

Other customers include H&M, Pret a Manger, the BBC and the Stonehenge
Visitor Centre. The Company has also collaborated with Imerys, a world leader
in specialty minerals, to develop the floor tiles, which comprise some 60 per
cent of the total tile market in the UK.

 

 

Dominic Weller, Fund Manager Octopus Investments, said: "We are excited to
support entrepreneur Dr Alasdair Bremer and the team in scaling Alusid to
establish sustainable tiles from recycled waste as the industry standard. We
have been impressed with the progress the team has made and are looking
forward to working together."

 

Alasdair Bremner, Alusid's CEO, said: "We are delighted with the investment
and support from Octopus and look forward to working with them going forwards.
This is an important year for Alusid as we launch our first 98.5% recycled,
low carbon floor tile, expand our geographical reach and seek to become a
public company."

 

Frontier IP Chief Executive Neil Crabb said: "The investment from Octopus
represents important validation for Alusid, its capital-efficient business
model and the quality of its products, made from a minimum of 91 per cent
recycled material, among the highest levels in the industry, if not the
highest. The Company is a leader in the industry globally and is set for a
very bright future."

 

ENQUIRIES

 

 Frontier IP Group Plc                                                  T: 020 7332 2338
 Neil Crabb, Chief Executive                                            neil@frontierip.co.uk

 Andrew Johnson, Communications & Investor Relations                    M: 07464 546 025

 Company website: www.frontierip.co.uk (http://www.frontierip.co.uk/)
 Allenby Capital Limited (Nominated Adviser)                            T: 0203 328 5656

 Nick Athanas / George Payne

ABOUT ALUSID

Alusid creates beautiful, premium-quality tiles and architectural surfaces by
recycling industrial waste ceramics, glass and other materials much of which
would otherwise end in landfill.

 

The company's Sustainable Tile ranges are distributed in the UK by Topps Tiles
and Parkside Architectural Tiles. Sequel Vibe was named Wall Tile of The Year
in The Tile Association's prestigious awards in 2020.

 

Alusid also makes its own surface products under the brand name SilicaStone
distributed in the UK by Panaz. Customers include COS, part of H&M,
Christian Dior, Nando's, Harrods, Selfridges, Amazon UK and Pret-a-Manger.

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