TIDMPMP

RNS Number : 0101R

Portmeirion Group PLC

25 February 2019

25th February 2019

PORTMEIRION GROUP PLC

('Portmeirion' or 'the Group')

Acquisition of additional equity in Furlong Mills

Portmeirion, the manufacturer and worldwide distributor of high quality homewares, has acquired further ordinary shares in Furlong Mills Limited ('Furlong Mills') from Dudson (Holdings) Limited, for a total consideration of GBP363,000. This has been funded from the Group's existing cash resources. The shares acquired constitute 7.5% of the issued share capital of Furlong Mills. The resultant holding following this transaction is 44.4%. Furlong Mills will continue to be accounted for as an associated undertaking in the Group's accounts.

Furlong Mills is an important part of the Group's supply chain providing ceramic materials for the manufacture of earthenware pottery in its Stoke-on-Trent factory. The Group will continue to play an active role in the management of Furlong Mills.

In the last audited accounts of Furlong Mills (to 31 December 2017), revenue was GBP8.6 million and profit before tax was GBP0.5 million. Net assets at 31 December 2017 were GBP4.9 million.

Enquiries:

 
 Portmeirion Group PLC: 
 Dick Steele,                   +44 (0) 1782      steele_clan@msn.com 
  Non-executive Chairman         744721 
 Mike Raybould,                 +44 (0) 1782      mraybould@portmeiriongroup.com 
  Group Finance Director         744721 
 
 Hudson Sandler: 
 Dan de Belder                  +44 (0) 207 796   ddebelder@hudsonsandler.com 
  Nick Moore                     4133              nmoore@hudsonsandler.com 
 Panmure Gordon: 
 (Nominated Adviser and         +44 (0) 207 886 
  Broker)                        2500 
 Freddy Crossley / Joanna                         Corporate Finance 
  Langley 
 James Stearns                                    Corporate Broking 
 Cantor Fitzgerald Europe: 
                                +44 (0) 207 894 
 (Joint Broker)                  7000 
 Phil Davies / Rick Thompson                      Corporate Finance 
 Caspar Shand Kydd                                Sales

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END

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February 25, 2019 06:00 ET (11:00 GMT)

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