McBride PLC Completion of Disposal (7319H)
November 19 2018 - 1:00AM
UK Regulatory
TIDMMCB
RNS Number : 7319H
McBride PLC
19 November 2018
19 November 2018
McBride plc
("McBride" or "Group")
Completion of Disposal
Following the announcement on 3 July 2018 that it had agreed
terms with Royal Sanders Group ("RSG") for the disposal of its
European Personal Care Liquids activities, McBride plc, the leading
European manufacturer and supplier of Contract Manufactured and
Private Label products for the domestic Household and professional
cleaning and hygiene markets, today confirms the completion of the
sale to RSG for a cash consideration of GBP12.5m, subject to any
post-closing working capital adjustments.
In the twelve months to 30 June 2018 the European Personal Care
Liquids business, which was reported as part of the Group's
Discontinued operations in the 2018 Group Report and Accounts,
comprised two manufacturing sites at Bradford, UK and Ieper,
Belgium and generated revenues of GBP56.2m with an adjusted
operating loss of GBP1.5m. The GBP10.9m of net assets as at 30 June
2018 attributable to the European Personal Care Liquids business
were treated as an "asset held for sale" within the Group's
year-end balance sheet.
Proceeds of the sale will be used to pay down the Group's net
debt and settle transaction costs.
Rik De Vos, Chief Executive said;
"With the sale of the European Personal Care Liquids business,
the Group is now a focused Household business with a clear strategy
to deliver sustainable profitable growth. The transaction also
enables colleagues working at the Bradford, UK and Ieper, Belgium
sites to develop as part of a dedicated personal care manufacturer
of greater scale and I would like to personally thank them for
their efforts within McBride and wish them every success for the
future."
For further information please contact:
McBride plc
Rik De Vos, Chief Executive Officer 0161 203 7570
Chris Smith, Chief Financial Officer 0161 203 7570
FTI Consulting 020 3727 1017
Ed Bridges, Nick Hasell
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation which came
into effect on 3 July 2016.
-Ends-
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END
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