Le Lézard
Classified in: Environment, Business
Subject: TNM

Camellia Plc: Purchase of Bardsley England, the UK's second largest apple supplier


LONDON, Aug. 1, 2021 /PRNewswire/ -- Camellia Plc (CAM.L, Camellia), the global agriculture group, announces the purchase of an 80% stake in Bardsley England for £15.7m.  Camellia will also make a loan to Bardsley of £9.3m. 

Bardsley England is a major fruit farming business and the UK's second largest apple grower.   The farming operation covers 850 hectares (2,100 acres) in Kent and includes 27 orchards growing apples, pears, cherries, plums and grapes as well as a large grading, packing and storage facility.  Bardsley grows nearly 18,000 tonnes of fruit a year and at peak season it employs 550 staff. Bardsley is an innovator in the use of agritech, employing technology such as micro-climate sensors to monitor for adverse weather and wet leaf sensors to give early indication of pests and disease.  It also uses a combination of trailer-mounted machine vision devices and remote satellite technology to improve yield predictions and crop management.

Bardsley's customers include major supermarkets in the UK. 

The consideration, which is being satisfied from existing resources, is payable as to £12.7m which was paid at completion with the balance of £3m deferred and payable by July 2022.    Of the total consideration,  approximately £9.7m is being used to subscribe for new shares in the business with the remainder being used to purchase existing shares.  In addition to strengthening Bardsley's balance sheet, the investment by Camellia will support growth and ensure the business is able to invest further in developing its packing operations and extending its orchards.  The loan mentioned above will largely be used to repay Bardsley's existing borrowings.

Bardsley England operates through a number of UK companies.  For the year ended 31 March 2021 it had revenue of £22.4m* and recorded an unaudited loss before tax of £1.7m*.  Gross assets of the business at that date were £26.2m* and net assets were £8.3m*.

The effect of the acquisition on Camellia's profit before tax for 2021 is expected to be broadly neutral before deal costs of £1.2m but is expected to be significantly earnings enhancing in 2022.

Benefits of the acquisition

Tom Franks, CEO at Camellia, commented:
"We have been looking for some time to increase our focus on agriculture where we have deep skills, and to increase our operations in the UK.  Bardsley helps with both.  It is located close to our HQ in Kent, which is the premier region for apple growing in the country.  We look forward to partnering with the Bardsley family in the future."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Note
*    Bardsley England operates through a number of companies which have not previously been consolidated.  The figures quoted in this announcement represent an unaudited proforma aggregation of the reported results of the individual entities for the year ended 31 March 2021.  The underlying results of the entities are prepared under Financial Reporting Standard 102 and are not wholly comparable with Camellia's accounting policies.  

Photo - https://mma.prnewswire.com/media/1585718/Bardsley_1.jpg
Photo - https://mma.prnewswire.com/media/1585719/Bardsley_2.jpg
Photo - https://mma.prnewswire.com/media/1585720/Bardsley_3.jpg

 


These press releases may also interest you

at 19:20
Sabina Gold & Silver Corp (the "Company") (SBB ? TSX) is pleased to announce that it has arranged a fully subscribed non-brokered private placement (the "Financing') pursuant to which it will sell approximately 7.3 million flow-through common shares...

at 19:20
Bitcoin Well Inc. ("Bitcoin Well" or the "Company") is pleased to announce that we have retained Independent Trading Group Inc. (ITG) to provide market-making services in accordance with TSX Venture Exchange ("TSXV") policies. In addition, Bitcoin...

at 19:20
AdvanceCT announced today that Board of Directors Co-Chairs, Indra Nooyi and James Smith, are stepping down as co-chairs after nearly three years of serving the state of Connecticut by leading AdvanceCT. Nooyi and Smith will remain directors....

at 19:01
EY today announces the EY Qualtrics Experience Management competency to help companies drive end-to-end solutions from strategy, to design and enablement, to implementation using EY Qualtrics' experience management technology. As...

at 19:00
Trigon Metals Inc. ("Trigon" or the "Company") has closed, on an oversubscribed basis due to investor demand, a non-brokered second and final tranche (the "Second Tranche") of its previously announced private placement of units (the "Offering"). The...

at 19:00
Broker-dealers with a history of misconduct who have also hired a high percentage of brokers with a similar track record need to brush up on a new Financial Industry Regulatory Authority rule that seeks to expose potential risks to investors by...



News published on 1 august 2021 at 07:11 and distributed by: