REG - Logistics Dev Grp - Portfolio NAV Update

Logistics DevelopmentAnnouncement

29/08/2025 07:00

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RNS Number : 1144X  Logistics Development Group PLC  29 August 2025

29 August 2025

 

Logistics Development Group plc

 

("LDG" or the "Company")

 

Portfolio NAV Update

 

 

LDG today announces its quarterly portfolio data. As at 30 June 2025, LDG's
unaudited estimated net asset value ("NAV") per share was 26.7 pence which
reflects an increase of 8.67% compared to the prior period being 31 March
2025. The NAV, in respect of private investments, has been assessed and
reported to the Board by the Company's investment manager, DBAY, who applies
the International Private Equity and Venture Capital Valuation ("IPEV")
Guidelines in its valuation practices.

 

Update on the Company's Investment Portfolio

 

 

 Underlying Investment     LDG's economic interest % of the asset  LDG's % of portfolio Company held  Additions / divestments in the three-month period to 30 June 2025  Total Investment Cost  Revenue                   Employees
 Finsbury Food Group Ltd   25.31%                                  27.54%                             None                                                               £14.2m                 £445m (June 2025)         c. 3,500

 (Private)

 SQLI SA                   10.74%                                  11.10%                             None                                                               £13.3m                 €247m (December 2024)     c. 2,100

 (Private)

 Alliance Pharma plc       24.54%                                  33.01%                             None                                                               £39.0m                 £180.3m (December 2024)   c. 290

 (Private)

 Other Minority Interests  2.71%                                   2.71%                              £1.1m                                                              £2.3m                  N/A                       N/A

 

 

LDG's investments are held through Fixtaia Limited, a wholly owned subsidiary.

 

Finsbury Food Group Ltd ("Finsbury")

Business description

For the year ended 29 June 2025 (preliminary results) Finsbury generated £445
million of revenue from its specialty bakery business, producing and selling
high-quality bread and cakes to food retailers and food service clients across
the UK and Europe. Its product portfolio consists largely of either essential
bakery products (e.g. organic & artisan bread, buns and rolls) or highly
emotional event purchases (e.g. brand-licensed celebration cakes for parties,
especially for children).

 

Its largest retail bakery clients include supermarkets (e.g. Tesco, Co-op,
Waitrose, Sainsbury's) and its largest food service clients include
restaurants and coffee shops (e.g. KFC, Costa Coffee, Bidfood, Brakes). The
company has longstanding relationships with many licensed brands,
manufacturing quality bread and cakes for some of the biggest names in the
market (e.g. Disney, Thorntons).

Finsbury operates in Europe via its Lightbody Europe subsidiary in France and
Ultrapharm business in Poland. The company was incorporated in 1925, is based
in Cardiff and has 3,500 employees.

 

Q2 Highlights

·      In the fourth quarter of FY25 preliminary results (year ending
June 2025), Finsbury reported revenue of £118m, representing a £4m or 3%
increase compared to the prior year. Full year revenues at £445m were 1.6%
lower than prior year, owing mainly to the delisting of less profitable
products. Profitability benefited from price recovery net of cost inflation
automation savings and continued efficiencies from the Operating Brilliance
Programme.

·      The company completed a sale-and-leaseback of its property
portfolio and executed a pension buyout in Q4, strengthening the balance
sheet.

·      Finsbury continues evaluating targeted sector acquisitions as
part of its value creation strategy.

 

SQLI SA ("SQLI")

Business description

SQLI is a pan-European IT services business with leading positions in the
e-commerce / omnichannel integration and digital experience space. SQLI
generated €247million revenue for the year ended 31 December 2024 (being the
latest audited period). It is headquartered in Paris and its 2,100 employees
are spread over 13 countries, including in an offshoring delivery centre in
Morocco, with 850 employees. SQLI's core market continues to grow and the
company is recognized for its strong technical capabilities and track record.
SQLI's client base includes multinational blue-chip corporates such as:
Nestle, Airbus, LVMH, Miele, L'Oreal, Richemont, Rolex, Carlsberg and many
others.

 

Q2 Highlights

·      In Q2 2025, DBAY and SQLI management progressed workstreams to
enhance positioning and profitability. Initiatives include a rebranding
scheduled for post-summer rollout and operational improvements to strengthen
profitability.

·      Despite subdued market conditions, H1 2025 financial results met
expectations. Revenue increased approximately 1% like-for-like, outperforming
French and international market peers

 

 

Alliance Pharma plc ("Alliance")

Business description

Alliance is a global healthcare platform that markets and distributes leading
OTC consumer healthcare and prescription products. For the year ended December
2024 (being the latest audited period) Alliance generated £180m of revenue.
Alliance's portfolio is focused on damaged skin and healthy ageing, with its
products sold globally, via the retail channel (Boots, Walgreens, etc.),
pharmacies, and increasingly via e-commerce. the business has over 290
employees and is headquartered in Chippenham, Wiltshire.

 

Q2 Highlights

·      In Q2 2025, DBAY successfully completed the take-private of
Alliance. On 10 January 2025, DBAY announced a recommended offer to acquire
the remaining shares at 62.50p per share. Following discussions with key
shareholders, the offer was increased to a final price of 64.75p. This revised
offer was approved via a Scheme of Arrangement on 13 March 2025, and the
company was subsequently delisted on 14 May 2025.

·      DBAY continues to value the asset at the offer price.

July 2025 Update

In July 2025 LDG invested £15 million into Framtid TopCo Limited, a private
holding company of a group of companies ("the Group") formed by DBAY to create
a national logistics platform in the UK. The Group has so far acquired a 78.3%
interest in The Alternative Parcels Company Ltd ("APC"), the UK's largest
independent parcel delivery network. The LDG look through interest and
economic interest in APC is 33.4%. The network processed over 30 million
parcels in the fiscal year ending 30 March 2025. Further acquisitions are
expected in due course, though there is no certainty LDG will participate in
subsequent acquisitions.

 

In addition to DBAY and LDG, the other investors in Topco include WS Investco
Limited, led by Mr William Stobart. As a director of Framtid TopCo, he will be
actively involved in the management of the Group.

 

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended, and has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.

 

For enquiries:

 

 Logistics Development Group plc     Via FTI Consulting
 FTI Consulting                      +44 (0) 20 3727 1340

 Nick Hasell

 Alex Le May

 Strand Hanson Limited               +44 (0) 20 7409 3494

 (Financial and Nominated Adviser)

 James Dance

 Richard Johnson

 Abigail Wennington

 Investec Bank plc                   +44 (0) 20 7597 5970

 (Broker)

 Gary Clarence

 Harry Hargreaves

 

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