REG - Portmeirion Group - Sale of Shareholding in Furlong Mills

PortmeirionAnnouncement

30/09/2019 16:00

RNS Number : 2065O
Portmeirion Group PLC
30 September 2019
 


30 September 2019
 
 
 
Portmeirion Group PLC
(the "Company" or the "Group")
 
Sale of Shareholding in Furlong Mills
 
Portmeirion Group PLC ( AIM:PMP )the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands announces that it has sold its 44.5% stake in Furlong Mills Limited, a supplier of clay and glazes.
 
The sale is for £3.26m and will drive an extraordinary profit in 2019 of £0.9m.
 
The Group will continue to source its raw materials for its Stoke ceramic factory from Furlong Mills Limited and has signed a long term supply contract that closely mirrors its historical trading relationship with the Mill.
 
 
 
Dick Steele, Non-Executive Chairman, said:
 
"Our focus remains on growth, profitability, dividends and return on capital employed. We have a long term relationship with Furlong Mills and will continue to work closely with them. Following our recent acquisition of Nambé and the opportunities we see within the Group, we believe this capital can be better employed to fuel the future growth and performance of our business."
 


 
 
ENQUIRIES:
 




Portmeirion Group PLC:
 




Dick Steele,
Non-executive Chairman  


+44 (0) 1782 744721


steele_clan@msn.com




Mike Raybould,
Chief Executive


+44 (0) 1782 744721


mraybould@portmeiriongroup.com




 


 


 




Hudson Sandler:




Dan de Belder
Nick Moore


+44 (0) 207 796 4133


ddebelder@hudsonsandler.com
nmoore@hudsonsandler.com




 


 


 




Panmure Gordon:




(Nominated Adviser and Broker)                


+44 (0) 207 886 2500


 




Freddy Crossley / Joanna Langley


 


Corporate Finance




James Stearns


 


Corporate Broking
 




Cantor Fitzgerald Europe:




(Joint Broker)                                           


+44 (0) 207 894 7000


 




Phil Davies / Rick Thompson


 


Corporate Finance




Casper Shand Kydd


 


Sales
 




 




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