Acquisition of the remaining 25% of Boop Beauty

Huddled Group PLC

30 December 2024

 

Huddled Group plc

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

Acquisition of the remaining 25% of Boop Beauty Limited

Huddled Group plc (AIM:HUD), the circular economy e-commerce group, has, following negotiation with Boop Beauty Limited's ("Boop Beauty")  founder, Yasmine Amr, agreed to acquire the remaining 25% of the equity in Boop Beauty, taking the Company's ownership to 100% (the "Acquisition").

The Board of Huddled has been encouraged by Boop Beauty's trading thus far and feel full ownership better justifies the allocation of additional resources to the business in order to fuel its continued growth.

The agreed consideration for the Acquisition is £100,000 which will be satisfied by the issue of 3,248,863 new Ordinary Shares¹ in Huddled Group plc (the "New Ordinary Shares"), which will be issued by no later than 27 May 2025. Upon admission to trading on AIM, these shares will be subject to a six month lock-in followed by a twelve month orderly market agreement.

Further announcements will be made in due course in relation to the admission of the New Ordinary Shares to trading on AIM.

About Boop Beauty

Founded by Yasmine Amr in 2023, Boop Beauty emerged as a distinctive circular economy e-commerce business in the beauty and cosmetics sector. Drawing from her experience as an in-house counsel at L'Oreal, Yasmine identified a compelling opportunity in the beauty industry, to create a direct-to-consumer platform specialising in premium excess inventory.

Boop Beauty has not only created a new channel for beauty brands but has also made luxury beauty products more accessible to consumers while reducing waste in the beauty industry. Boop Beauty was recently awarded the 2024 Marie Claire Sustainability Award for Best Small Business: Multi-Brand Retailer, recognising its contribution to sustainable retail practices.

Rationale for the Acquisition

The Acquisition represents a strategic step in Huddled accelerating Boop Beauty's growth trajectory. Exchanging the remaining 25% of Boop Beauty for Huddled Group plc shares allows Yasmine to stay actively engaged whilst full ownership will enable Huddled to justify making additional investments in inventory and marketing initiatives, which we believe are key to capturing the significant market opportunity ahead.

Yasmine Amr will continue to contribute her valuable industry expertise and vision as a non-executive director of Boop Beauty.

We look forward to updating the market on Boop Beauty's progress as part of a Group trading update early in the new year.

Martin Higginson, Huddled Group plc CEO said: "We see the acquisition of the remaining 25% stake in Boop Beauty as a significant development of our portfolio of circular economy brands, and we look forward to working with Yasmine to realise Boop Beauty's full potential."

Yasmine Amr, Founder of Boop said: "I'm thrilled by the success and growth we've seen to date at Boop Beauty within a short period, and I believe with additional investment from Huddled, we will see even more success in the coming months. I look forward to continuing Boop Beauty's journey with Huddled as a shareholder and growing the business further alongside the Huddled team."

¹ordinary shares of 0.040108663 pence each in the Company ("Ordinary Shares")

 Enquiries:

For further information please visit www.huddled.com/investors, or contact:

Huddled Group plc Martin Higginson Daniel Wortley	[e-mail]
Zeus (Nominated Adviser and Sole Broker) Nick Cowles, James Hornigold, Alex Campbell-Harris Dominic King	Tel + 44 (0) 203 829 5000 (Investment Banking) (Corporate Broking)
Alma Strategic Communications (Financial PR) Rebecca Sanders-Hewett Sam Modlin Kieran Breheny	[e-mail]

 

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