REG - Huddled Group PLC - Acquisition of the remaining 25% of Boop Beauty

HuddledAnnouncement

30/12/2024 07:00

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RNS Number : 5028R  Huddled Group PLC  30 December 2024

Huddled Group plc

 

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

 

Acquisition of the remaining 25% of Boop Beauty Limited

 

 

Huddled Group plc (AIM:HUD), the circular economy e-commerce group, has,
following negotiation with Boop Beauty Limited's ("Boop Beauty")  founder,
Yasmine Amr, agreed to acquire the remaining 25% of the equity in Boop Beauty,
taking the Company's ownership to 100% (the "Acquisition").

 

The Board of Huddled has been encouraged by Boop Beauty's trading thus far and
feel full ownership better justifies the allocation of additional resources to
the business in order to fuel its continued growth.

 

The agreed consideration for the Acquisition is £100,000 which will be
satisfied by the issue of 3,248,863 new Ordinary Shares(1) in Huddled Group
plc (the "New Ordinary Shares"), which will be issued by no later than 27 May
2025. Upon admission to trading on AIM, these shares will be subject to a six
month lock-in followed by a twelve month orderly market agreement.

 

Further announcements will be made in due course in relation to the admission
of the New Ordinary Shares to trading on AIM.

 

About Boop Beauty

 

Founded by Yasmine Amr in 2023, Boop Beauty emerged as a distinctive circular
economy e-commerce business in the beauty and cosmetics sector. Drawing from
her experience as an in-house counsel at L'Oreal, Yasmine identified a
compelling opportunity in the beauty industry, to create a direct-to-consumer
platform specialising in premium excess inventory.

 

Boop Beauty has not only created a new channel for beauty brands but has also
made luxury beauty products more accessible to consumers while reducing waste
in the beauty industry. Boop Beauty was recently awarded the 2024 Marie Claire
Sustainability Award for Best Small Business: Multi-Brand Retailer,
recognising its contribution to sustainable retail practices.

 

Rationale for the Acquisition

 

The Acquisition represents a strategic step in Huddled accelerating Boop
Beauty's growth trajectory. Exchanging the remaining 25% of Boop Beauty for
Huddled Group plc shares allows Yasmine to stay actively engaged whilst full
ownership will enable Huddled to justify making additional investments in
inventory and marketing initiatives, which we believe are key to capturing the
significant market opportunity ahead.

 

Yasmine Amr will continue to contribute her valuable industry expertise and
vision as a non-executive director of Boop Beauty.

 

We look forward to updating the market on Boop Beauty's progress as part of a
Group trading update early in the new year.

 

Martin Higginson, Huddled Group plc CEO said: "We see the acquisition of the
remaining 25% stake in Boop Beauty as a significant development of our
portfolio of circular economy brands, and we look forward to working with
Yasmine to realise Boop Beauty's full potential."

 

Yasmine Amr, Founder of Boop said: "I'm thrilled by the success and growth
we've seen to date at Boop Beauty within a short period, and I believe with
additional investment from Huddled, we will see even more success in the
coming months. I look forward to continuing Boop Beauty's journey with Huddled
as a shareholder and growing the business further alongside the Huddled team."

 

(1)ordinary shares of 0.040108663 pence each in the Company ("Ordinary
Shares")

 

 

 Enquiries:

For further information please visit www.huddled.com/investors, or contact:

 

 Huddled Group plc                                    investors@huddled.com

 Martin Higginson

 Daniel Wortley

 Zeus (Nominated Adviser and Sole Broker)             Tel + 44 (0) 203 829 5000

 Nick Cowles, James Hornigold, Alex Campbell-Harris   (Investment Banking)

 Dominic King                                         (Corporate Broking)

 Alma Strategic Communications (Financial PR)         huddled@almastrategic.com

 Rebecca Sanders-Hewett

 Sam Modlin

 Kieran Breheny

 

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