Reach4Entertainment Enterprises PLC Corporate Update re. Dewynters Germany (4558B)
June 07 2019 - 1:00AM
UK Regulatory
TIDMR4E
RNS Number : 4558B
Reach4Entertainment Enterprises PLC
07 June 2019
7 June 2019
reach4entertainment enterprises plc
('r4e' the 'Group' or the 'Company')
Corporate Update re. Dewynters Germany
reach4entertainment enterprises plc (AIM: R4E), the
entertainment, marketing and communications group, announces the
following corporate update in relation to Dewynters Germany, the
provider of live entertainment marketing services and a wholly
owned subsidiary of r4e.
Dewynters Germany was launched under r4e's previous management
team in October 2016. As part of his review of the Group's global
strategy, Marc Boyan CEO of r4e, has taken the decision, to service
the German market from Dewynters London, in order to improve
efficiencies and drive greater profitability. In the year ended
December 2018 Dewynters Germany made a loss before tax of
GBP475,446 which impacted negatively on overall Group profit, as
disclosed in the full year results. The net asset position of
Dewynters Germany as at 31 December 2018 after removing
intercompany balances was GBP258,278. As part of this restructuring
process Dewynters Germany will close.
Since the arrival of the Group's new management in late 2017, a
series of operational changes have been implemented to improve
performance and create a broader service offering, with a
particular focus on the UK and US markets. This latest restructure
continues the focus on this strategy.
Marc Boyan commented: "We would like to thank our German team
for their efforts and the projects won to date. The changes made
across the Group during 2018 helped to deliver much improved level
of client servicing and profitability. Our decision to close
Dewynters Germany is an extension of our restructuring process, as
we generate greater synergies across the Group and focus on the UK
and US, which are our biggest growth markets."
reach4entertainment enterprises plc
Marc Boyan, Chief Executive Officer +44 (0) 20 7968
Paul Summers, Chief Operating Officer 1655
Yellow Jersey PR
+44 (0)7747 788
221
Charles Goodwin +44 (0)7544 275
Harriet Jackson 882
Grant Thornton, NOMAD
Philip Secrett
Jamie Barklem +44 (0) 20 7383
Seamus Fricker 1500
Dowgate Capital, Broker
James Serjeant +44 (0) 20 3903
David Poutney 7715
Notes to Editors
reach4entertainment enterprises plc ("r4e") operates a
collection of theatrical, film and live entertainment marketing,
PR, advertising and display agencies, across the world. The Company
uses its extensive experience in the live entertainments space to
create value through investing in innovative and established
agencies that provide communications services to a range of clients
involved with theatre, film, concerts and more.
For further information on r4e you are invited to visit the
Company's website at www.r4e.com.
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Dewynters Limited
A leading independent arts, events and live entertainment
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http://www.dewynters.com
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Sold Out
Sold Out is an independent full service advertising agency,
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https://soldout.london
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END
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