ITV PLC ITV announces investment in THIS (4140N)
22 Septiembre 2023 - 9:30AM
UK Regulatory
TIDMITV
RNS Number : 4140N
ITV PLC
22 September 2023
ITV announces investment in THIS(TM)
London, 22/09/2023
ITV today announces its latest Media for Equity investment in
plant-based meat business THIS(TM) , its first investment in a food
company.
As part of ITV Adventures Invest, its Media for Equity
investment fund, ITV has agreed to subscribe for GBP1.5 million of
shares in Plant Meat Limited, with the option to subscribe for two
additional tranches of GBP1.5 million each, in return for
advertising inventory across ITV's channels and ITVX.
UK's fastest-growing food company*, THIS(TM) was founded in June
2019 by ex-meat fanatics Andy Shovel and Pete Sharman as a
plant-based food brand for meat-lovers. Following two years of
extensive research and development with a team of world-leading
food scientists and flavourists, they created hyper-realistic meat
alternatives. Its award-winning pork, beef and chicken products are
available nationwide at major supermarkets, restaurants and cafes.
The range is specifically designed to replicate the taste and
texture of popular meat products, including pork sausages, beef
burgers, chicken and bacon.
THIS(TM) is the fourth Media for Equity investment that ITV has
made this year and it follows architectural design company Resi,
pet health and wellness company PitPat, and pain relief brand
Flarin.
Sheena Amin, Director of ITV AdVentures, said: "With four new
ITV AdVentures investments so far this year, we're really seeing
the benefit of using the power of TV to help supercharge brands at
a scale-up stage. As the fastest growing plant-based brand in the
UK over the last two years, with broad retail distribution and
strong product innovation, THIS is very well positioned to continue
its strong growth within the plant-based meat alternatives sector.
We expect consumer demand for conscious consumption to continue to
grow and with a broad set of products at attractive price points,
THIS is the perfect brand to help make conscious eating accessible
to all. With such a distinctive brand personality, I am confident
that THIS' upcoming TV campaign will stand out from the crowd and
help the brand become a worthy household name."
Andy Shovel, Co-founder and Co-CEO of THIS(TM) added: "ITV is a
media powerhouse, and to have them as an investor, especially as
their first food business investment, is super exciting. Not only
did we get to make the porkiest plant-based TV ad ever, the scale
of the investment means that we can reach audiences across the
country and get closer to making meat-free the norm."
Launched in 2021, ITV AdVentures Invest is a Media for Equity
programme which sees ITV take minority stakes in early stage
digital and direct-to-consumer businesses, alongside venture
capital investment, in return for advertising inventory across
ITV's range of market-leading channels and ITVX. The initiative
represents an innovative opportunity for consumer businesses
seeking to build scale through TV advertising, alongside a
strategic media partner. ITV's diverse portfolio of successful
Media for Equity investments include location app what3words,
online menswear brand Spoke, wellness brand Feel and Europe's
biggest new car buying marketplace Carwow.
NOTES:
1. The investment will be held at its fair value on ITV's
balance sheet and will not be consolidated.
2. In the audited accounts of Plant Meat Limited for the year
ended December 2021, reported gross assets were GBP15.5m and the
net loss was GBP6.0m. The Company is based in London, UK and has 60
employees.
3. This disclosure is being made in accordance with listing rule
10.4.1 as the parties have agreed to certain customary minority
rights and obligations, including, but not limited to, drag
obligations.
*
https://www.alantra.com/alantra-food-beverage-fast-50-2022/
For further enquiries please contact:
Investor Relations
Pippa Foulds +44 7778 031097
Sarah Comfort +44 7551 798668
Media Relations
Paul Moore +44 7860 794444
Laura Wootton +44 7917862293
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