REG - ITV PLC - ITV announces investment in THIS

ITVAnnouncement

22/09/2023 15:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230922:nRSV4140Na&default-theme=true

RNS Number : 4140N  ITV PLC  22 September 2023

ITV announces investment in THIS™

London, 22/09/2023

ITV today announces its latest Media for Equity investment in plant-based meat
business (http://www.this.co) THIS™ (http://www.this.co) , its first
investment in a food company.

As part of ITV Adventures Invest, its Media for Equity investment fund, ITV
has agreed to subscribe for £1.5 million of shares in Plant Meat Limited,
with the option to subscribe for two additional tranches of £1.5 million
each, in return for advertising inventory across ITV's channels and ITVX.

UK's fastest-growing food company*, THIS™ was founded in June 2019 by
ex-meat fanatics Andy Shovel and Pete Sharman as a plant-based food brand for
meat-lovers. Following two years of extensive research and development with a
team of world-leading food scientists and flavourists, they created
hyper-realistic meat alternatives. Its award-winning pork, beef and chicken
products are available nationwide at major supermarkets, restaurants and
cafes. The range is specifically designed to replicate the taste and texture
of popular meat products, including pork sausages, beef burgers, chicken and
bacon.

THIS™ is the fourth Media for Equity investment that ITV has made this year
and it follows architectural design company Resi, pet health and wellness
company PitPat, and pain relief brand Flarin.

Sheena Amin, Director of ITV AdVentures, said: "With four new ITV AdVentures
investments so far this year, we're really seeing the benefit of using the
power of TV to help supercharge brands at a scale-up stage. As the fastest
growing plant-based brand in the UK over the last two years, with broad retail
distribution and strong product innovation, THIS is very well positioned to
continue its strong growth within the plant-based meat alternatives sector. We
expect consumer demand for conscious consumption to continue to grow and with
a broad set of products at attractive price points, THIS is the perfect brand
to help make conscious eating accessible to all. With such a distinctive brand
personality, I am confident that THIS' upcoming TV campaign will stand out
from the crowd and help the brand become a worthy household name."

Andy Shovel, Co-founder and Co-CEO of THIS™ added: "ITV is a media
powerhouse, and to have them as an investor, especially as their first food
business investment, is super exciting. Not only did we get to make the
porkiest plant-based TV ad ever, the scale of the investment means that we can
reach audiences across the country and get closer to making meat-free the
norm."

Launched in 2021, ITV AdVentures Invest is a Media for Equity programme which
sees ITV take minority stakes in early stage digital and direct-to-consumer
businesses, alongside venture capital investment, in return for advertising
inventory across ITV's range of market-leading channels and ITVX. The
initiative represents an innovative opportunity for consumer businesses
seeking to build scale through TV advertising, alongside a strategic media
partner. ITV's diverse portfolio of successful Media for Equity investments
include location app what3words, online menswear brand Spoke, wellness brand
Feel and Europe's biggest new car buying marketplace Carwow.

 

NOTES:

 

1.      The investment will be held at its fair value on ITV's balance
sheet and will not be consolidated.

2.      In the audited accounts of Plant Meat Limited for the year ended
December 2021, reported gross assets were £15.5m and the net loss was £6.0m.
The Company is based in London, UK and has 60 employees.

3.      This disclosure is being made in accordance with listing rule
10.4.1 as the parties have agreed to certain customary minority rights and
obligations, including, but not limited to, drag obligations.

 

* https://www.alantra.com/alantra-food-beverage-fast-50-2022/

 

 

For further enquiries please contact:

 

Investor Relations

Pippa Foulds +44 7778 031097

Sarah Comfort +44 7551 798668

 

Media Relations

Paul Moore +44 7860 794444

Laura Wootton +44 7917862293

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEALNAAFSDEFA