REG - Portmeirion Group - Acquisition of AromaWorks London

PortmeirionAnnouncement

15/08/2022 07:00

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RNS Number : 9270V  Portmeirion Group PLC  15 August 2022

15 August 2022

Portmeirion Group PLC (the 'Group')

Acquisition of AromaWorks London

 

Portmeirion Group PLC, the designer, manufacturer and worldwide distributor of
high quality homewares under the Portmeirion, Spode, Royal Worcester,
Pimpernel, Wax Lyrical and Nambé brands is delighted to announce it has
acquired the AromaWorks London brand, intellectual property and certain stock,
trade and assets with no ongoing liabilities from AromaWorks Limited (company
currently in Administration) ('AromaWorks').

AromaWorks manufactures a range of home fragrance products using essential
oils in the health and wellbeing category with a retailer customer base in the
UK and US.

The total consideration of £0.44 million for the intellectual property,
inventory and certain fixed assets is payable in cash and has been financed
from the Group's existing cash resources.  For the year ended 31 December
2021 (unaudited), AromaWorks had sales of £4.1 million and a headline profit
before taxation of £0.3 million.

This acquisition will add further scale to our existing home fragrance
business, Wax Lyrical, and we expect to deliver on cost synergies and
cross-selling opportunities within the first twelve months.

Mike Raybould CEO commented:

"We are delighted to bring AromaWorks London into our family of brands. It has
established an impressive base of UK and US customers in the last few years
and is highly synergistic with our existing home fragrance business, Wax
Lyrical. We have invested significantly in the last 2 years in our UK
manufacturing and testing facilities and this gives us a great opportunity to
further leverage both our production capabilities and our global sales
infrastructure as part of our strategy to grow our sales alongside improving
the Group operating margins over the next 3 years. AromaWorks has successfully
opened its first US market customer account listings in the past six months
and we look forward to supporting and enabling growth in that key market
through our existing US sales and distribution operation."

 

Notes: This announcement contains inside information for the purposes of the
retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK
MAR").

 

Enquiries:-

 

 Portmeirion Group PLC:
 Mike Raybould                     +44 (0) 1782 743443    mraybould@portmeiriongroup.com
 Chief Executive

 David Sproston                    +44 (0) 1782 743443    dsproston@portmeiriongroup.com
 Group Finance Director

 Hudson Sandler:
 Dan de Belder                     +44 (0) 207 796 4133   ddebelder@hudsonsandler.com
 Nick Moore                                               nmoore@hudsonsandler.com

 Panmure Gordon                    +44 (0) 207 886 2500

 (Nominated Adviser and Broker):
 Freddy Crossley                   Corporate Finance
 Rupert Dearden                    Corporate Broking

 

 Singer Capital Markets

 (Joint Broker):         +44 (0) 207 496 3000
 Peter Steel             Investment Banking
 Rachel Hayes

 

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