Disposal

RNS Number : 4508O

Dart Group PLC

01 June 2020

 

1 June 2020

Dart Group plc

("the Group")

Sale of Fowler Welch

Dart Group plc, the Leisure Travel and Distribution & Logistics group, today announces that it has completed the sale of its Distribution and Logistics business, Fowler Welch to Culina Group Limited for a gross cash consideration of £98.0 million (the "Transaction").

Fowler Welch is one of the UK's leading providers of food supply-chain services and serves retailers, processors, growers and importers through its distribution network. In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, located at its Teynham facility. At 31 March 2020, Fowler Welch had unaudited net assets of £60.5 million.

The Board believes that the Transaction will enable the Group to focus on its long-term strategy of growing its Leisure Travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information please contact:

Dart Group plc Philip Meeson, Executive Chairman Gary Brown, Group Chief Financial Officer	0113 239 7817
Cenkos Securities plc Nominated Adviser Katy Birkin / Russell Cook/ Harry Hargreaves	020 7397 8900
Canaccord Genuity Joint Broker Adam James	020 7523 8000
Arden Partners Joint Broker Paul Shackleton / Daniel Gee-Summons	020 7614 5900
Buchanan Financial PR Richard Oldworth	020 7466 5000

 

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