Barr(A.G.) PLC Minority investment in STRYYK (4556B)
June 07 2019 - 2:00AM
UK Regulatory
TIDMBAG
RNS Number : 4556B
Barr(A.G.) PLC
07 June 2019
7th June 2019
A.G. BARR p.l.c.
Minority investment in zero proof spirits brand STRYYK
A.G. BARR p.l.c., ("A.G. Barr") which produces and markets some
of the UK's leading drinks brands, including IRN-BRU, Rubicon,
Strathmore and Funkin, today announces a minority interest
investment in new business start-up Elegantly Spirited Limited, the
owner of the STRYYK brand (the "Minority Investment").
Elegantly Spirited Limited seeks to capitalise on the growing
demand for non-alcoholic adult drinks with a new portfolio of zero
proof spirits under the STRYYK brand.
As part of the Minority Investment, A.G. Barr's subsidiary
business Funkin has entered into a long-term agreement on normal
market terms to act as exclusive UK distributor for all Elegantly
Spirited Limited products, in addition to A.G. Barr Group investing
an initial GBP1m for a 20% minority stake in the new business.
Elegantly Spirited Limited is a recently formed venture from
entrepreneurs Alex Carlton and Andrew King, original founders of
the Funkin business.
Funkin was acquired by A.G. Barr in 2016 and has grown strongly
in the cocktail market. Andrew King has continued his involvement
with the Funkin business since the transfer of ownership and will
remain Funkin's Executive Chairman.
Under the listing rules of the FCA, Andrew King is a Related
Party of A.G. Barr and the Minority Investment constitutes a
smaller related party transaction and is subject to the modified
requirements for such transactions set out in Listing Rule 11.1.10.
A.G. Barr has obtained written confirmation from its sponsor,
Investec Bank plc, in accordance with the requirements of LR
11.1.10(2) (b) that the terms of the proposals are fair and
reasonable as far as shareholders are concerned.
Roger White, A.G. Barr Chief Executive, commented:
"More and more consumers are seeking a drink that adds
positively to their social experience but without the side effects
of alcohol. We're very excited to be involved in both investing in
and growing the STRYYK brand in this new and fast moving consumer
category".
Further information on the STRYYK brand can be found at
www.stryyk.com
For more information, please contact:
A.G. BARR 0330 390 3900
Roger White, Chief Executive
Instinctif Partners 020 7457 2020
Justine Warren
Matthew Smallwood
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END
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