PMP Portmeirion Group Plc

TIDMPMP

RNS Number : 9270V

Portmeirion Group PLC

15 August 2022

15 August 2022

Portmeirion Group PLC (the 'Group')

Acquisition of AromaWorks London

Portmeirion Group PLC, the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands is delighted to announce it has acquired the AromaWorks London brand, intellectual property and certain stock, trade and assets with no ongoing liabilities from AromaWorks Limited (company currently in Administration) ('AromaWorks').

AromaWorks manufactures a range of home fragrance products using essential oils in the health and wellbeing category with a retailer customer base in the UK and US.

The total consideration of GBP0.44 million for the intellectual property, inventory and certain fixed assets is payable in cash and has been financed from the Group's existing cash resources. For the year ended 31 December 2021 (unaudited), AromaWorks had sales of GBP4.1 million and a headline profit before taxation of GBP0.3 million.

This acquisition will add further scale to our existing home fragrance business, Wax Lyrical, and we expect to deliver on cost synergies and cross-selling opportunities within the first twelve months.

Mike Raybould CEO commented:

"We are delighted to bring AromaWorks London into our family of brands. It has established an impressive base of UK and US customers in the last few years and is highly synergistic with our existing home fragrance business, Wax Lyrical. We have invested significantly in the last 2 years in our UK manufacturing and testing facilities and this gives us a great opportunity to further leverage both our production capabilities and our global sales infrastructure as part of our strategy to grow our sales alongside improving the Group operating margins over the next 3 years. AromaWorks has successfully opened its first US market customer account listings in the past six months and we look forward to supporting and enabling growth in that key market through our existing US sales and distribution operation."

Notes: This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").

Enquiries:-

 
 Portmeirion Group PLC: 
 Mike Raybould               +44 (0) 1782        mraybould@portmeiriongroup.com 
                              743443 
 Chief Executive 
  David Sproston               +44 (0) 1782        dsproston@portmeiriongroup.com 
                               743443 
 Group Finance Director 
 Hudson Sandler: 
 Dan de Belder               +44 (0) 207 796     ddebelder@hudsonsandler.com 
                              4133 
 Nick Moore                                      nmoore@hudsonsandler.com 
 
   Panmure Gordon 
   (Nominated Adviser and      +44 (0) 207 886 
   Broker):                    2500 
 Freddy Crossley             Corporate Finance 
 Rupert Dearden              Corporate Broking 
 
 
 
 Singer Capital Markets      +44 (0) 207 496 
  (Joint Broker):            3000 
 Peter Steel               Investment Banking 
 Rachel Hayes 
 

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END

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August 15, 2022 02:00 ET (06:00 GMT)

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