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Pires Investments PLC

30 March 2022

30 March 2022

Pires Investments plc

("Pires" or the "Company")

Buymie partners with Asda for one-hour grocery delivery service across Leeds and Bristol

Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to provide an update in relation to Buymie, Ireland's same-day grocery delivery company, an investment within the Sure Valley Ventures ("SVV") portfolio.

Buymie has launched a one-hour personal grocery shopping service in Leeds and Bristol in partnership with supermarket chain Asda, allowing customers to access Asda's full online range of products with the on-demand delivery platform. Buymie's network of personal shoppers will exclusively pick, pack and deliver each order, giving customers the ability to submit any preferences and discuss their requests, including the type of substitutes they would accept if their original choices are unavailable.

The service, which will operate under the brand "Asda Express powered by Buymie", will be initially trialled for three months across selected postcodes within a three-mile radius of ten Asda stores in Leeds and Bristol and will create 60 new jobs in the two cities. The partnership will allow Buymie, which was founded in Ireland in 2016, to expand into a market that is ten times the size of the Irish one. Due to its different operating model, Buymie generally requires less capital to expand its operations compared to certain of its competitors.

Pires has a circa 20% interest in SVV. SVV is a venture capital fund focused on investing in the software technology sector with a specific focus on artificial intelligence, the internet of things and immersive technologies.

Nicholas Lee, Director of Pires commented: "We are delighted to note Buymie's partnership with Asda, one of the UK's largest supermarkets, which will allow customers to communicate directly with their personal shopper and receive their shopping within an hour.

"This partnership is evidence of the successes the business has achieved to date, having already secured partnerships with Tesco, Lidl and Co-Op. Buymie's valuation has increased significantly since SVV's original investment and we look forward to updating the market in line with its ambitious growth plans."

Enquiries:

 
 Pires Investments plc         Tel: +44 (0) 20 3368 8961 
  Nicholas Lee, Director 
 Joint Broker                  Tel: +44 (0) 20 7469 0935 
  Peterhouse Capital Limited    Tel: +44 (0) 20 7469 0936 
  Duncan Vasey/Lucy Williams 
 Joint Broker                  Tel: +44 (0) 20 3167 7221 
  Tennyson Securities 
  Peter Krens 
 Financial media and PR        Tel: +44 (0) 20 3004 9512 
  Yellow Jersey 
  Sarah Hollins 
  Henry Wilkinson 
  Annabelle Wills 
 

Notes to Editors

About Pires Investments plc

Pires Investments plc (AIM: PIRI) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.

The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.

For further information, visit: https://piresinvestments.com/

About Buymie

Buymie, headquartered in Dublin, operates a same-day grocery delivery service, where you can order groceries and have them delivered to your door in as little as one hour. Buymie is the market leader in same-day grocery delivery in Ireland and in 2018 became the first independent e-commerce platform in Europe to launch the discount channel online through a strategic partnership with Lidl. The company was founded in 2016 by serial entrepreneur Devan Hughes (CEO), and Art Sokhikyan (CTO). The company has operations in the UK, Ireland and Armenia.

   For further information, visit:   https://buymie.co.uk 

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March 30, 2022 02:00 ET (06:00 GMT)

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