Further re disposal

RNS Number : 5381X

Real Good Food PLC

01 September 2015

 

For immediate release: 1 September 2015

Real Good Food plc

("Real Good Food" or "the Company")

Final Proceeds from Sales of Napier Brown

Real Good Food plc (AIM: RGD), is pleased to announce that the Company has now received a further and final £3.4 million of completion monies ("completion monies") from Tereos Group ("Tereos"), payable in respect of the sale of Napier Brown Sugar Limited ("Napier Brown").

This £3.4 million represents the increase in the working capital figure over the initial £7 million estimate, and is based on the completion accounts, making the total working capital payment received from Tereos £10.4 million. Tereos has now approved and agreed the completion accounts, thus concluding the deal.

Pieter Totté, Executive Chairman of Real Good Food said: "The total consideration for the sale of Napier Brown is £44.4 million.  The deal has significantly altered the financial platform from which the Company can now operate.  We have positive cash balances and are cash generative and profitable.  We look forward with great optimism."

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About Real Good Food plc

Real Good Food plc is a diversified food business serving a number of market sectors including retail, manufacturing, wholesale, foodservice and export. The Company focuses on three main markets: cake decoration (Renshaw, Rainbow Dust Colours), food ingredients (Garrett Ingredients and R&W Scott) and premium bakery (Haydens).

ENQUIRIES:

Real Good Food plc

Pieter Totté, Executive Chairman                            Tel: [phone]

Andrew Brown, Marketing Director                        Tel: [phone]

Shore Capital & Corporate

(Nomad and Joint Broker)                                           Tel: [phone]

Stephane Auton

Patrick Castle

Daniel Stewart and Company Plc

(Joint Broker)                                                                   Tel: [phone]

Martin Lampshire

Belvedere Communications (PR)                            Tel: [phone]

John West

Kim van Beeck

 

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