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Dart Group sells Fowler Welch division for £98m
1st Jun 2020 09:19
(Sharecast News) - Dart Group has completed the sale of its distribution and logistics business Fowler Welch to Culina Group, it announced on Monday, for gross cash of £98m.
The AIM-traded firm described Fowler Welch as one of the UK's leading providers of food supply-chain services, serving retailers, processors, growers and importers through its distribution network
In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, at its Teynham facility.
As at 31 March, Fowler Welch had unaudited net assets of £60.5m.
"The board believes that the transaction will enable the group to focus on its long-term strategy of growing its leisure travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership," the Dart Group board said in its statement.
At 0918 BST, shares in Dart Group were up 0.23% at 884p.
The AIM-traded firm described Fowler Welch as one of the UK's leading providers of food supply-chain services, serving retailers, processors, growers and importers through its distribution network
In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, at its Teynham facility.
As at 31 March, Fowler Welch had unaudited net assets of £60.5m.
"The board believes that the transaction will enable the group to focus on its long-term strategy of growing its leisure travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership," the Dart Group board said in its statement.
At 0918 BST, shares in Dart Group were up 0.23% at 884p.