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The Corporate team at Bray & Bray are very proud to have acted on behalf of Dart Group plc (now Jet2 plc) in the sale of Fowler Welch Limited.

The details of the sale are set out in the market notification dated 1 June 2020, a copy of which is set out below:

RNS Number: 4508O

Dart Group PLC

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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