Renewal of Licensing Agreement with Bedeck

RNS Number : 0599H

Sanderson Design Group PLC

04 April 2022

 

4 April 2022

SANDERSON DESIGN GROUP PLC

("Sanderson Design Group", the "Company" or the "Group")

Renewal of Licensing Agreement with Bedeck

Sanderson Design Group PLC (AIM: SDG), the luxury interior design and furnishings group, is pleased to announce that the bedlinen and homewares company Bedeck, one of the Group's core licensees, has renewed its licensing agreement with the Group for a further three years as expected.

Approximately £1.4 million of accelerated income will be recognised under IFRS15 in the current financial year in connection with the renewal. In addition to the accelerated income, which comprises three years of fixed minimum payments, the Group will also receive sales-based royalty payments.

Bedeck currently has exclusive rights to sell a wide range of bedlinen and towelling for the Morris & Co., Sanderson, Harlequin and Scion brands throughout the UK, Europe and Middle East. In addition to the renewal of these rights, under the terms of the renewal agreement Bedeck will also hold non-exclusive rights for bedlinen and towelling in the USA and Canada for the four brands.

The contract renewal, which begins on 1 February 2024, has been signed ahead of the renewal date to enable the development of new products based on recent launches by Group brands.

Lisa Montague, Sanderson Design Group's Chief Executive Officer, commented: "We are delighted to renew and extend our licensing agreement with bedlinen specialist Bedeck, which is one of our core licensees. The licence agreement now includes North America and I'm excited by the potential of the combination of our brands and Bedeck's bedlinen in the US market."

For further information:

Sanderson Design Group PLC	c/o Buchanan [phone]
Lisa Montague, Chief Executive Officer
Mike Woodcock, Chief Financial Officer
Caroline Geary, Company Secretary
Investec Bank plc	[phone]
David Anderson / Alex Wright / Ben Farrow
Buchanan	[phone]
Mark Court / Sophie Wills / Toto Berger [e-mail]

Notes for editors:

About Sanderson Design Group

Sanderson Design Group PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. In addition, the Company derives licensing income from the use of its designs on a wide range of products such as bed and bath collections, rugs, blinds and tableware.

Sanderson Design Group's brands include Zoffany, Sanderson, Morris & Co., Harlequin, Scion, Clarke & Clarke and Archive by Sanderson Design.

The Company has a strong UK manufacturing base comprising Anstey wallpaper factory in Loughborough and Standfast & Barracks, a fabric printing factory, in Lancaster. Both sites manufacture for the Company and for other wallpaper and fabric brands.

Sanderson Design Group employs approximately 600 people and its products are sold worldwide. It has showrooms in London, New York, Chicago, Amsterdam and Dubai.

Sanderson Design Group trades on the AIM market of the London Stock Exchange under the ticker symbol SDG.

For further information please visit: www.sandersondesigngroup.com

 

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