GREENCORE GROUP PLC
16 July 1999
CONTACT MR. B.J. POWER TELEPHONE 353 1 605 1029
FAX 353 1 605 1104
ACQUISITION BY GREENCORE
Greencore's UK Bakery subsidiary, Kears Group Limited ('Kears'),
has reached agreement with Carrs Milling Industries plc ('Carrs')
for the purchase of Carrs 50% interest in Robertsons Limited
('Robertsons'), along with the leasehold property in Carlisle
currently occupied by Robertsons. The aggregate consideration
for the purchase will be UK£3.41m in cash (UK£2.41m for the
shares and UK£1m for the property), payable at completion. The
transaction is subject to the approval of Carrs Shareholders.
For the year ended 26th September 1998, Robertsons made a profit
before taxation of UK£1,057,000 (1997: UK£1,308,000) on sales of
UK£13,315,000 (1997: UK£14,280,000). The net assets of
Robertsons at 26th September 1998 were UK£1,730,000. The
property is leased by Robertsons (Bakers) Limited and had a net
book value of UK£933,000 as at 27th February, 1999.
Robertsons carries on business principally as a baker and
distributor of bread and baked goods to a range of customers,
including major retail chains. Kears, through a subsidiary,
already owns 50% of Robertsons and has responsibility for its
management.
Kears is a leading player in the UK plant bakery sector, with 9
bakeries providing national distribution coverage. Kears
continues to expand its business through product innovation,
investment and acquisition.
B.J. POWER
DIRECTOR & SECRETARY
GREENCORE GROUP PLC
ST. STEPHEN'S GREEN HOUSE
EARLSFORT TERRACE
DUBLIN 2 16TH JULY 1999.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.