REG - Unbound Group PLC - Beaconsfield Footwear Disposal

UnboundAnnouncement

18/07/2023 17:45

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RNS Number : 4281G  Unbound Group PLC  18 July 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

Unbound Group plc

("Unbound", the "Company" or the "Group")

Completion of Disposal of the trade and assets of Beaconsfield Footwear
Limited (in administration)

On 17 July 2023, the Company announced that the directors of the Group's main
operating subsidiary, Beaconsfield Footwear Limited ("OpCo"), intended to
appoint Will Wright and Rick Harrison of Interpath Advisory Limited as
administrators to OpCo.

The Company has been informed that, shortly following their formal appointment
today, the administrators completed a sale of the business and assets of OpCo
to Buckminster Hamilton Limited, an entity controlled by WoolOvers Group
Limited, for a total cash consideration of £6.7 million, which was paid in
full on completion. Completion of this transaction is not expected to result
in any value attributable to the Company's existing shareholders. In its
latest published audited accounts for the 52 weeks ended 30 January 2022, Opco
incurred a pre-tax loss of £1.3 million. OpCo's gross assets were £40.8
million (including amounts owed by group undertakings of £20 million) and net
liabilities £3.9 million at 30 January 2022. OpCo's net bank indebtedness at
14 July 2023 (the latest practicable date prior to publication of this
announcement) was £9.7 million.

The disposal of the business and assets of OpCo by the administrators divests
the Company of its main trading business. As notified on 17 July 2023, Unbound
Group plc is not a trading company and has no operating revenues. The Company
currently has minimal cash balances and known creditors of approximately £0.9
million. Whilst the Company holds certain investments that the Board believes
are likely to have a value in excess of the amounts due, it is also likely to
take some time to realise these assets and there is uncertainty as to whether
the Company is able to pay its debts as they fall due.

The Company's ordinary shares remain suspended from trading on AIM with effect
from 07.30 a.m. on 17 July 2023 pending clarification of the Company's
financial position. The board of directors of Unbound Group plc continues its
review of options available to the Company and further updates will be
provided as appropriate.

Enquiries

 

 Unbound Group plc                                                           c/o Alma PR

 Neil Johnson, Chairman

 Ian Watson, CEO

 Gavin Manson, CFO
 Singer Capital Markets (Financial Adviser, Nominated Adviser & Broker)        +44 (0)20 7496 3000

 Peter Steel / Tom Salvesen / Alaina Wong / James Fischer
 Interpath Advisory Ltd (Joint Financial Adviser)                              +44 (0)20 3989 2800

 Will Wright / Rick Harrison
 Alma PR Limited (Financial PR)                                              +44 (0)20 3405 0205

 Josh Royston / Sam Modlin / Hannah Campbell                                 unbound@almapr.co.uk (mailto:unbound@almapr.co.uk)

Market Abuse Regulation

The information contained within this announcement would have, prior to its
release, constituted inside information as stipulated under Article 7 of the
Market Abuse Regulation (EU) No.596/2014 as incorporated into UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue of
the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR"). Upon the
publication of this announcement via a regulatory information service, this
inside information will be considered to be in the public domain. For the
purposes of UK MAR, the person responsible for arranging for the release of
this information on behalf of Unbound is Gavin Manson.

 

 

 

 

 

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