TIDMUPGS
UP Global Sourcing Holdings PLC
24 August 2020
24 August 2020
UP Global Sourcing Holdings plc
"Ultimate Products" or "the Group"
RETURN OF GOVERNMENT FURLOUGH FUNDS
Ultimate Products, the owner, manager, designer and developer of
an extensive range of value-focused consumer goods brands,
announces that it has taken the decision to repay the GBP465,237
that it has received under the Coronavirus Job Retention Scheme
('furlough scheme') and does not intend to make any further claims
under the furlough scheme or for the associated Job Retention
Bonus.
The Group is also no longer utilising the Government Time to Pay
and VAT deferral schemes. All VAT and PAYE payments are up to date
as at 31 July 2020.
These payments are possible because the Group's profitability
and cash generation have been stronger than expected during this
crisis.
The Group will provide a more detailed update in its scheduled
Pre-Close Trading Statement on 7 September 2020.
Simon Showman, Chief Executive of Ultimate Products,
commented:
"The furlough scheme allowed us to work through the significant
challenges that COVID-19 initially caused for our business. We are
grateful to the government and the taxpayer for providing us with
this support. As a result of the outstanding resilience, hard work
and professionalism of our people, the outlook for our business is
now much clearer. Returning this money to the taxpayer is therefore
the right and proper thing for us to do.
"As the effects of COVID-19 continue to be felt globally, and
particularly in Oldham at the present time, we are determined to
carry on supporting local charities and initiatives in order to
help ease the hardship felt by many in the communities in which we
are proud to operate."
For more information, please contact:
Ultimate Products +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Graham Screawn, Finance Director
Shore Capital +44 (0) 20 7408 4090
Mark Percy
Edward Mansfield
Sarah Mather
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
Notes to Editors
Ultimate Products is an owner, manager, designer and developer
of a series of well-known brands focused on the home, selling to
over 300 retailers across 38 countries. It has six major product
categories: Audio; Heating and Cooling; Housewares; Laundry;
Luggage; and Small Domestic Appliances. Its brands include Beldray
(laundry, floor care, heating and cooling), Intempo (audio), Salter
(kitchenware), Kleeneze (laundry), and Progress (cookware and
bakeware).
The Group's products are sold to a broad cross-section of both
large national and international multi-channel retailers as well as
smaller national retail chains, incorporating discount retailers,
supermarkets, general retailers and online retailers.
Founded in 1997, Ultimate Products is headquartered in Oldham,
Greater Manchester, where it has design, sales, marketing, buying,
quality assurance, support functions and warehouse facilities
across two sites. Manor Mill, the Group's head office, includes a
spectacular 20,000 sq ft showroom that showcases each of its
brands. In addition, the Group has an office and showroom in
Guangzhou, China and in Cologne, Germany.
Ultimate Products' graduate development scheme was launched in
2012 and in 2018 it welcomed its one-hundredth graduate. In total,
Ultimate Products employs over 250 staff.
Please note that Ultimate Products is not the owner of Russell
Hobbs or Salter. The company currently has licence agreements in
place granting it an exclusive licence to use the "Russell Hobbs"
trademark for cookware (NB this does not include Russell Hobbs
electrical appliances) and the "Salter" trademark for electrical
and cookware (NB this does not include Salter scales).
For further information, please visit www.upgs.com
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Private
Policy.
END
NRASEMSUDESSEEA
(END) Dow Jones Newswires
August 24, 2020 02:00 ET (06:00 GMT)
Ultimate Products (LSE:ULTP)
Historical Stock Chart
From Apr 2024 to May 2024
Ultimate Products (LSE:ULTP)
Historical Stock Chart
From May 2023 to May 2024