REG - Dart Group PLC - Disposal

Jet2Announcement

01/06/2020 07:06

RNS Number : 4508O
  
Dart Group PLC
  
01 June 2020
  
 

 
1 June 2020
 
Dart Group plc
("the Group")
 
Sale of Fowler Welch
 
Dart Group plc, the Leisure Travel and Distribution & Logistics group, today announces that it has completed the sale of its Distribution and Logistics business, Fowler Welch to Culina Group Limited for a gross cash consideration of £98.0 million (the "Transaction").
Fowler Welch is one of the UK's leading providers of food supply-chain services and serves retailers, processors, growers and importers through its distribution network. In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, located at its Teynham facility. At 31 March 2020, Fowler Welch had unaudited net assets of £60.5 million.
The Board believes that the Transaction will enable the Group to focus on its long-term strategy of growing its Leisure Travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
 
 
For further information please contact:
 



 
Dart Group plc
Philip Meeson, Executive Chairman
Gary Brown, Group Chief Financial Officer
 


 
0113 239 7817
 




Cenkos Securities plc
Nominated Adviser
Katy Birkin / Russell Cook/ Harry Hargreaves
 


020 7397 8900




Canaccord Genuity
Joint Broker
Adam James


020 7523 8000




 
Arden Partners
Joint Broker
Paul Shackleton / Daniel Gee-Summons
 


 
020 7614 5900




Buchanan
Financial PR
Richard Oldworth


020 7466 5000



 
 
 


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 or visit www.rns.com.
 
  END
 
 
DISKKDBKPBKDKPN