Churchill China PLC Acquisition of additional equity in Furlong Mills (0116R)
February 25 2019 - 5:00AM
UK Regulatory
TIDMCHH
RNS Number : 0116R
Churchill China PLC
25 February 2019
CHURCHILL CHINA plc
("Churchill China" or the "Company" or the "Group")
Acquisition of additional equity in Furlong Mills
Churchill China has acquired further ordinary shares in Furlong
Mills Limited ('Furlong Mills') from Dudson Holdings Limited, for a
total consideration of GBP454,000, funded from the Group's existing
cash resources. These shares constitute 9.5% of the issued share
capital of Furlong Mills and, together with Churchill China's
holding immediately prior to the transaction of 46.1%, give the
Company a resultant 55.6% majority shareholding. Furlong Mills has
previously been accounted for as an associated company and will be
consolidated into the Group's accounts going forward.
Furlong Mills is a ceramic materials manufacturer based in Stoke
on Trent, providing processed clay body and glazes to the Group and
to other ceramic manufacturers. The provision of Furlong's products
is a key part of Churchill's supply chain.
Churchill's strategy continues to be to offer innovative, high
performance and technically differentiated ceramic products to
hospitality markets worldwide. Our recent performance has been
driven by investment in the development and sale of well designed
added value products. The above acquisition both improves the
Group's ability to develop materials technology for use in these
products and secures an important part of our supply base.
In the last audited accounts of Furlong Mills (to 31 December
2017), revenue was GBP8.6m, which included GBP3.2m of sales to
Churchill China, and profit before tax was GBP504,000. Net assets
at 31 December 2017 were GBP4,856,000.
For further information, please contact:
Churchill China plc Tel: 01782 577566
David O'Connor / David Taylor
Buchanan Tel: 020 7466 5000
Mark Court / Sophie Wills / Gemma
Mostyn-Owen
N+1 Singer Tel: 0207 496 3000
Richard Lindley / James White / Rachel
Hayes
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END
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