Completion of Disposal

RNS Number : 7319H

McBride PLC

19 November 2018

 

19 November 2018

McBride plc

("McBride" or "Group")

Completion of Disposal

Following the announcement on 3 July 2018 that it had agreed terms with Royal Sanders Group ("RSG") for the disposal of its European Personal Care Liquids activities, McBride plc, the leading European manufacturer and supplier of Contract Manufactured and Private Label products for the domestic Household and professional cleaning and hygiene markets, today confirms the completion of the sale to RSG for a cash consideration of £12.5m, subject to any post-closing working capital adjustments.

In the twelve months to 30 June 2018 the European Personal Care Liquids business, which was reported as part of the Group's Discontinued operations in the 2018 Group Report and Accounts, comprised two manufacturing sites at Bradford, UK and Ieper, Belgium and generated revenues of £56.2m with an adjusted operating loss of £1.5m. The £10.9m of net assets as at 30 June 2018 attributable to the European Personal Care Liquids business were treated as an "asset held for sale" within the Group's year-end balance sheet.

Proceeds of the sale will be used to pay down the Group's net debt and settle transaction costs.

Rik De Vos, Chief Executive said;

"With the sale of the European Personal Care Liquids business, the Group is now a focused Household business with a clear strategy to deliver sustainable profitable growth. The transaction also enables colleagues working at the Bradford, UK and Ieper, Belgium sites to develop as part of a dedicated personal care manufacturer of greater scale and I would like to personally thank them for their efforts within McBride and wish them every success for the future."

For further information please contact:

McBride plc
Rik De Vos, Chief Executive Officer	0161 203 7570
Chris Smith, Chief Financial Officer	0161 203 7570
FTI Consulting	020 3727 1017
Ed Bridges, Nick Hasell

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

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