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
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
Katy Birkin / Russell Cook/ Harry Hargreaves
|020 7397 8900|
|020 7523 8000|
Paul Shackleton / Daniel Gee-Summons
020 7614 5900
|020 7466 5000|
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact email@example.com or visit www.rns.com.