Greencore Group PLC Sale of Trilby Trading Limited (4821H)
28 Luglio 2023 - 8:00AM
UK Regulatory
TIDMGNC
RNS Number : 4821H
Greencore Group PLC
28 July 2023
28 July 2023
Greencore Group plc
Class 2 Announcement under the FCA Listing Rules
Sale of Trilby Trading Limited
Greencore Group plc ("Greencore" or the "Group"), a leading
manufacturer of convenience foods in the UK, announces today that
its wholly owned subsidiary, Greencore Advances DAC, has entered
into an agreement to sell the entire issued share capital of Trilby
Trading Limited ("Trilby") to K.T.C. (Edibles) Limited, a majority
owned subsidiary of funds managed by Endless LLP (the
"Transaction").
Trilby is one of Ireland's leading importers and distributors of
vegetable oils and fats for the food processing industry and sells
approximately 60,000 tonnes of product each year to customers in
Ireland, the United Kingdom and Holland.
The Group is selling Trilby for cash consideration of
approximately EUR9,800,000, subject to customary adjustments. The
proceeds from the Transaction will be used for general corporate
purposes and to further strengthen the Group's balance sheet.
As of the half year ended 31 March 2023, the value of the Trilby
gross assets was EUR23,366,162 and the profit before tax
attributable to Greencore's interest in Trilby for the full year
ended 30 September 2022 was EUR2,926,689.
Dalton Philips, CEO of Greencore, said: "Trilby is a great
business with attractive assets and a fantastic team. However,
given our strategic focus on the UK convenience food market, it is
no longer a core part of Greencore's plans. As such, we are very
pleased to have found such a good home for Trilby's operations and
colleagues."
Paresh Mehta, CEO of K.T.C. Edibles, said: "We are very excited
by the acquisition of Trilby, following a strong period of trading
under Greencore's ownership. KTC see great potential in the Trilby
team as an on-the-ground platform to support our growth ambitions
in Ireland."
The Transaction is expected to close in September 2023 subject
to the approval of relevant anti-trust authorities and customary
closing conditions and will allow Greencore to optimise its
portfolio for sustainable growth, focus its efforts and resources
on its core competencies and reinforce its balance sheet. Greencore
has identified Trilby's Managing Director, Paul Ward as the key
individual important to the Trilby business.
The sale constitutes a Class 2 transaction for the purposes of
the UK Financial Conduct Authority's Listing Rules and, as such,
does not require shareholder approval.
For further information, please contact:
Jonathan Solesbury Interim Chief Financial Tel: +353 (0) 1 605
Officer 1000
Curtis Armstrong Head of FP&A Tel: +44 (0) 1246
384649
Rob Greening/ Nick Hayns/ Powerscourt Tel: +44 (0) 20 7250
Sam Austrums 1446
Billy Murphy/ Claire Rowley Drury Communications Tel: +353 (0) 1 260
5000
About Greencore
We are a leading manufacturer of convenience food in the UK and
our purpose is to make every day taste better. We supply all of the
major supermarkets in the UK. We also supply convenience and travel
retail outlets, discounters, coffee shops, foodservice and other
retailers. We have strong market positions in a range of categories
including sandwiches, salads, sushi, chilled snacking, chilled
ready meals, chilled soups and sauces, chilled quiche, ambient
sauces and pickles, and frozen Yorkshire Puddings.
In FY22 we manufactured 795m sandwiches and other food to go
products, 127m chilled prepared meals, 249m bottles of cooking
sauces, pickles and condiments and 47m of chilled soups and sauces.
We carry out more than 10,600 direct to store deliveries each day.
We have 16 world-class manufacturing and 18 distribution centres in
the UK, with industry-leading technology and supply chain
capabilities. We generated revenues of GBP1.7bn in FY22 and employ
more than 14,000 people. We are headquartered in Dublin,
Ireland.
For further information go to www.greencore.com or follow
Greencore on social media.
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