REG - Sorted Group Hldgs. - Completion of acquisition and admission to AIM

Sorted groupAnnouncement

19/02/2024 08:00

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RNS Number : 5188D  Sorted Group Holdings PLC  19 February 2024

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.  With the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.

 

19 February 2024

 

Sorted Group Holdings Plc

("Sorted" or the "Company" or the "Group")

 

Completion of acquisition of Sorted Holding Limited

and

Enlarged share capital admitted to trading on AIM

 

Sorted Group Holdings Plc (AIM: SORT) is pleased to announce the completion of
its acquisition of Sorted Holdings Limited ("Completion") and the admission of
its enlarged share capital to trading on AIM effective from 8.00 a.m. on 19
February 2024 ("Admission") under the Company's new name "Sorted Group
Holdings Plc", which has now become effective, and the TIDM code "SORT".

 

Pursuant to Completion, the Company has now acquired 97 per cent. of the
issued share capital of Sorted Holdings Limited. The Company will complete its
acquisition of the remaining three per cent. of the issued share capital of
Sorted Holdings Limited within 20 business days from Completion, pursuant to
the same mechanism.

 

Following Admission, the Company will have 7,639,705 ordinary shares with a
nominal value of 62.5p each ("Ordinary Shares") in issue. The Company's new
ISIN and SEDOL are GB00BPDX2041 and BPDX204 respectively. A copy of the
Admission Document as well as the information required to be disclosed
pursuant to AIM Rule 26 is available on the Company's new website,
www.sorted.com.

 

Overview of Sorted

 

o  UK-based business with over 60 employees: Manchester based business
supported by a second office space situated in London. The Sorted team is
comprised of software engineers, technical support, IT, sales, marketing,
finance and project management professionals.

o  Attractive business model with scalable predictable revenue performance:
Sorted operates a SaaS business model whereby the majority of Sorted's revenue
is driven by customer subscriptions to its Delivery Experience Platform. This
in-turn provides annualised recurring revenue. The Directors believe that
Sorted is positioned well to continue this growth trajectory.

o  Diverse customer base and strong industry partnerships: Sorted's customers
range from mid-sized, growing ecommerce businesses to multi-national
organisations with notable customers include Marks & Spencer plc, ASOS plc
and Asda Stores Limited. In addition, Sorted has re-seller agreements in place
with major Carriers in the United Kingdom as well as in the United States.

o  Global ecommerce market forecasted to reach a market size of US$6.35
trillion by 2027 according to Deloitte: The demand for ecommerce has been
influenced by a number of factors including but not limited to: (i) the rise
of smartphones and internet accessibility; (ii) increasing use of social
media; (iii) supply chain and logistical infrastructure improvements; and (iv)
changing patterns in consumer behaviour.

o  Highly fragmented market: The Directors believe that there is no dominant
player that offers a delivery experience platform for the entire ecommerce
spectrum with one single integrated solution. In this regard, the Directors
believe that Sorted's Delivery Experience Platform offers ecommerce businesses
a complete end-to-end post-purchase solution, and accordingly, there is an
opportunity for Sorted to establish market leadership.

 

Carmen Carey, CEO of Sorted, commented: "The admission to AIM is a significant
milestone for Sorted and provides a great platform for our operations to grow.
We look forward to keeping our shareholders, employees, customers and other
stakeholders updated on developments within the Sorted business in the coming
months and years."

 

The same definitions apply throughout this announcement as those set out in
the Admission Document published on 30 January 2024, a copy of which is
available to view at www.sorted.com, unless the context requires otherwise.

 

For further information please contact:

 

Sorted Group Holdings
Plc
via Allenby Capital

Simon Wilkinson, Chairman

Carmen Carey, Chief Executive Officer

Mahmoud Warriah, Chief Financial Officer

 

Allenby Capital Limited (Nominated
Adviser)
Tel: +44 (0)20 3328 5656

David Hart

Vivek Bhardwaj

 

 

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