REG - Logistics Dev Grp - Portfolio NAV Update

Logistics DevelopmentAnnouncement

28/11/2025 07:00

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RNS Number : 3300J  Logistics Development Group PLC  28 November 2025

28 November 2025

 

Logistics Development Group plc

 

("LDG" or the "Company")

 

Portfolio NAV Update

 

 

LDG today announces its quarterly portfolio data. As at 30 September 2025,
LDG's unaudited estimated net asset value ("NAV") per share was 26.7 pence.
The NAV remains unchanged compared to the prior period being 30 June 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 September 2025  Total Investment Cost  Revenue                                  Employees
 Finsbury Food Group Ltd   25.31%                                  27.54%                             None                                                                    £14.2m                 £445m (June 2025 (preliminary results)   c. 3,500

 (Private)

 SQLI SA                   10.73%                                  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)

 WS Holdco Limited         33.40%                                  42.60%                             £15m                                                                    £15m                   N/A                                      N/A

 (private)
 Other Minority Interests  2.71%                                   2.71%                              None                                                                    £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.

 

Q3 Highlights

·      In the preliminary Q1 FY26 results (for the year ending June
2026), Finsbury achieved revenue of £109.9m, representing an increase of
£1m, or 1%, compared to the prior year. Pro forma adjusted EBITDA (pre-IFRS
16) was £10.8m, a £2m increase on the prior year.

·      Both revenue and profitability benefited from the acquisition of
Lola's Cupcakes - a premium cupcake and celebration cake business - marking
Finsbury's entry into the direct-to-consumer market, as well as from run-rate
benefits of automation investments.

·      Finsbury continues to evaluate 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.

 

Q3 Highlights

·      In Q3 2025, DBAY and SQLI management progressed workstreams to
enhance positioning and profitability. Initiatives include operational
improvements to strengthen EBITDA performance and the preparation of the new
target operating model rollout for the business in the beginning of 2026.

·      Despite subdued market conditions, Q3 financial results were
in-line with budget. Revenue increased 3% like-for-like, outperforming French
and international market peers. LTM PF adjusted EBITDA was €26m,
representing a 10% margin and 100bps margin expansion vs. Q2.

 

 

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.

 

Q3 Highlights

·      During Q3 2025, DBAY continued to work closely with management to
implement our value creation plan. Significant progress was also made in
optimising Alliance's go-to-market model, with several new distribution
partners appointed across the product portfolio. Transitioning the
distribution of key products to superior partners on superior terms creates
some short-term disruption, for the benefit of longer-term growth and
profitability.

·      The management team will present an updated Value Creation Plan
at the November board meeting, which DBAY expects to show upside to the
investment case at the time of acquisition.

 

 

WS Holdco Limited (formerly Framtid Topco Limited) ("WS Holdco")

Business description

WS Holdco is a private holding company of a group of companies ("the WS
Group") formed by DBAY to create a national logistics platform in the UK.

 

Q3 Highlights

·      In July 2025 LDG invested £15 million into WS Holdco. The WS
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%.

·      A comprehensive cost saving plan has been prepared which focuses
on making the APC sortation hub in Cannock more efficient.

·      Post period end, on 7 October 2025, the WS Group acquired
controlling interests in three further logistics companies. William Stobart
& Son (100% ownership) provides general transport and warehousing
services, WS Digital Freight (70%) is an asset-light road forwarding business,
and Bis Henderson (60%), which specialises in white-collar recruiting for the
logistics industry. LDG's interest in WS Holdco has not been diluted further
to these investments being made.

 

Update on Concert Party Shareholding

Further to the Company's announcement on 5 June 2025 advising of the DBAY
concert party's aggregate holdings, LDG has been notified that, shortly before
announcement of the tender offer on 28 March 2025 (the "Tender Offer"), on 26
March 2025, DBAY appointed a new Non-Executive Director, Mr Jakub Crhonek.
DBAY were subsequently notified, after the Tender Offer, that Mr Crhonek has a
shareholding in LDG, comprising 585,253 ordinary shares (representing 0.14% of
the current issued share capital) which has been held unchanged since 2014.
Mr Crhonek is presumed to be acting in concert with DBAY and, consequently, as
at today's date, the DBAY concert party's aggregate holding comprises
146,092,479 ordinary shares, representing approximately 35.30% of the
Company's ordinary shares

 

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

 Nick Hasell                                                +44 (0) 20 3727 1340

 Alex Le May

 Strand Hanson Limited (Financial and Nominated Adviser)    +44 (0) 20 7409 3494

 James Dance

 Richard Johnson

 Abigail Wennington

 Singer Capital Markets (Corporate Broker)                  +44 (0) 20 7496 3000

 James Maxwell - Corporate

Jame Waterlow - Sales

 

 

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