Completion of Acquisition

RNS Number : 3909G

Accrol Group Holdings PLC

25 November 2020

 

25 November 2020

Accrol Group Holdings plc

("Accrol" or the "Company")

AIM: ACRL

Completion of the acquisition of Leicester Tissue Company Limited

Following the announcement made by the Company on the 23 November 2020 titled "Admission of Shares & Total Voting Rights" ("Announcement"), Accrol Group Holdings plc, a leading independent tissue converter in the UK, is pleased to announce that the Final Condition has now been satisfied and the Acquisition has now completed.

The capitalised terms used in this announcement have the same meanings as in the Announcement, unless otherwise stated.

Dan Wright, Executive Chairman of Accrol, said:

"We are delighted to announce the completion of this, our first acquisition. LTC fulfils all our selective M&A criteria. It's well-invested; it's ideally located, in central England; it has strong day-to-day management team; and its product mix and customer base are highly complementary to our existing business.

"The acquisition is immediately earnings enhancing and takes our share of the £1.7bn UK tissue market to c.16%. Importantly, it represents another milestone on our journey to build a world-class, operationally efficient business of size and scale, which delivers substantial returns to shareholders through organic and acquisitive growth. I would like to thank our existing and new shareholders for their support and confidence in our team and look forward to updating everyone on the progress of the integration in due course.

"On behalf of the team at Accrol, I welcome everyone at LTC to the Group and look forward to an exciting future working together." 

For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman	Via Belvedere Communications
Gareth Jenkins, Chief Executive Officer
Zeus Capital Limited (Nominated Adviser & Broker)
Dan Bate / Jordan Warburton	Tel: [phone]
Dominic King / John Goold	Tel: [phone]
Liberum Capital Limited (Joint Broker)	Tel: [phone]
Clayton Bush / Edward Thomas
Deloitte LLP (Financial Adviser)	Tel: [phone]
Andrew Westbrook / Chris Nicholls
Belvedere Communications Limited
Cat Valentine	Tel: [phone]
Keeley Clarke	Tel: [phone]
Llew Angus	Tel:  [phone]
	[e-mail]

Notes to Editors

Accrol Group Holdings plc, based in Lancashire, is a leading tissue converter and supplier of toilet tissues, kitchen rolls and facial tissues, as well as other tissue products, to major discounters and grocery retailers throughout the UK. The business operates from four sites in Lancashire:

·	A manufacturing, storage, and distribution facility in Blackburn;
·	A storage and administrative centre in Blackburn;
·	A facial tissue plant, also in Blackburn; and
·	A manufacturing, storage, and distribution facility in Leyland.

For more information, please visit www.accrol.com .

 

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