CRAW Crawshaw

TIDMCRAW

RNS Number : 2242K

Crawshaw Group PLC

15 April 2015

Crawshaw Group plc

Acquisition of Gabbotts Farm Limited

Crawshaw Group plc (the "Company") (AIM: CRAW), the fresh meat and food-to-go retailer, announces that it has acquired 100% of the share capital of Gabbotts Farm Limited for GBP3.9m utilising existing cash resources on a "debt free cash free" basis from Cribbin Family Butchers (Holdings) Ltd.

Gabbotts Farm Limited is the holding company for Gabbotts Farm (Retail) Limited which operates 11 retail butchers units, which includes a factory meat mart attached to a small distribution centre, in the North West of England. Their retail format is almost identical to that of the Company, selling quality fresh meats and food to go at value prices.

Gabbotts Farm (Retail) Limited generated a turnover of c. GBP10.8m and an EBITDA of GBP0.8m (before group management fees and one off costs) for the financial year ended 31st December, 2014. The acquisition will increase earnings immediately and provide the Company with access to customers in a completely new geographical region, as well as presenting the potential for operational synergies to further enhance profitability.

Chief Executive Officer, Noel Collett, comments:

"This acquisition provides a well established retail portfolio and factory operation in a new geographical region which is an integral part of our expansion strategy and the start of our exciting journey of achieving 200 stores. Furthermore, the operational synergies and the new supply chain network can rapidly enhance sales and profitability".

Enquiries:

 
 Crawshaw Group plc 
 Lynda Sherratt                01709 369 600 
 
 Peel Hunt LLP 
 Dan Webster, Richard Brown    0207 418 8869 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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