REG - Volvere PLC - Business Closure - Indulgence Patisserie

VolvereAnnouncement

08/11/2022 15:00

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RNS Number : 7233F  Volvere PLC  08 November 2022

   8 November 2022

 

 

Volvere plc

 

("Volvere" or the "Company")

 

Business Closure - Indulgence Patisserie

 

Volvere plc (AIM: VLE), the growth and turnaround investment company,
announces the closure of Indulgence Patisserie Limited.

In our interim results, released on 29 September 2022, we reported that we
were continuing to assess the ongoing viability of Indulgence Patisserie, the
Group's frozen desserts business, in the light of the future sales
opportunities, product margins and overhead costs associated with it. Over the
last few months, we have seen no improvement in raw material or energy costs
and we do not believe this situation will improve sufficiently to continue
manufacturing from the Colchester site.  As a result, in order to prevent
further material losses, we have decided to close the Indulgence business.
 We are, therefore, also marketing the freehold properties for sale.

The business reported a loss before tax and intra-Group management charges for
the six months to 30 June 2022 of £1.51 million on revenues of £2.09
million.  No manufacturing has taken place since early August and this has,
as expected, significantly reduced underlying trading losses since the half
year as orders are being met from existing stocks of finished goods.  We have
notified all remaining staff at Indulgence of our decision and are working
with customers constructively to ensure we can continue to support them for as
long as possible.

It is naturally disappointing that we have had to take this decision but, in
the current environment, we believe it to be the best course of action.  We
are grateful to our staff and customers for their support.

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

 

 

For further information:

 Volvere plc                                       Tel: +44 (0) 20 7634 9707

 Jonathan Lander, CEO                              www.volvere.co.uk (http://www.volvere.co.uk)

 Cairn Financial Advisers LLP (Nominated Adviser)  Tel: + 44 (0) 20 7213 0880

 Sandy Jamieson/James Lewis

 Canaccord Genuity Limited (Joint Broker)          Tel: + 44 (0) 207 523 8000

 Bobbie Hilliam

 Hobart Capital Markets LLP (Joint Broker)         Tel: +44 (0) 20 7070 5691

 Lee Richardson

- Ends -

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