Eight Peaks Group PLC Update on Virtualstock Holdings Limited (1998I)
22 Novembro 2018 - 7:49AM
UK Regulatory
TIDM8PG
RNS Number : 1998I
Eight Peaks Group PLC
22 November 2018
22 November 2018
Eight Peaks Group PLC
Update on Investee Company Virtualstock Holdings Limited
Eight Peaks Group PLC ("8PG") is pleased to provide an update on
its investee company, Virtualstock Holdings Limited ("VS").
On 31 July 2018, 8PG reported that VS had appointed René
Schuster as Chairman with immediate effect. René has a strong track
record in growing global telecommunications and technology
businesses. He has held senior leadership positions in the
telecommunications and technology sector for a number of household
name companies. For example, as CEO of Telefonica Deutschland, he
was responsible for leading the company through the largest IPO in
Europe and most successful DAX IPO in 2012, raising EUR1.6 billion
for Telefonica Group. He grew Telefonica Deutschland's market
capitalisation from EUR3 billion to EUR14 billion.
Following Rene's appointment in late July, and a review of the
business, Rene is now leading VS, in an executive capacity, as
Executive Chairman. Andrew Mills has left VS. There are no
immediate plans to hire a replacement for Andrew Mills.
The business is now being reorganised into two divisions, Retail
and Healthcare, with appropriate areas of focus, and the cost base
is being reduced.
The general challenges in the retail sector have had an impact
on decision-making in IT projects among retailers. This has
resulted in expansion being slower than expected and some
disengagement being experienced. The value of the VS offering,
however, is evident and recognised as the pipeline both
domestically and internationally, is solid and improving, as
network effects raise the utility of VS services in its
markets.
In Healthcare, VS services rollout has also been slower than
expected, although this is expected to pick up in pace due to the
master services agreement with NHS Shared business Services
("SBS"). SBS is a joint venture between Sopra Steria Group S.A. and
the Department of Health that provides business support services to
over 35% of the NHS and is tasked with achieving GBP1bn of savings
back into the NSH by 2020. SBS serves 64 acute health trusts and
the target is to have all 64 live using VS services by the end of
2019. With success in the UK, discussions are underway in Europe
and the Americas regarding deployment of VS services
internationally.
Rene Schuster, Executive Chairman of VS, commented:
"Virtualstock has historically been very successful in
implementing bespoke projects for large retail customers but our
plans for the future are designed to make our Company much more
product-orientated leveraging our partnerships with the likes of
SBS and IBM to go to market and for implementation. We have
restructured our business in order to meet the changing needs of
the customers we currently serve but more importantly to enable our
business to expand its reach much further by increasingly
addressing the mid-market and monetising our relationships with
suppliers. We believe that we have developed a platform that is
applicable to a large number of industries internationally and we
have only just begun to scratch the surface of what is possible in
retail and healthcare in the first instance."
Zafar Karim, Executive Chairman of 8PG, commented:
"Rene has been at Virtualstock for just 3 months and is already
having impact. Clarity in the business units is essential for
profitable development, valuation and ultimately realisation. We
look forward to further developments. "
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
- ENDS -
Zafar Karim / Thomas
Eight Peaks Group PLC Reuner 0207 583 8304
Nominated Adviser
Grant Thornton UK LLP Colin Aaronson / Harrison
Broker Clarke 020 7383 5100
S.P. Angel Corporate Finance Richard Parlons / Richard
LLP Morrison 020 3470 0470
About Virtualstock Holdings Limited
Virtualstock is one of the UK's fastest growing tech companies,
helping businesses in retail and healthcare compete in today's
agile digital economy. Its client list includes 6 of the top 10 UK
retailers as well as the NHS. By unlocking and connecting the data
scattered across disparate parts of the supply chain,
Virtualstock's cloud-based solution, The Edge, helps retailers
drive efficiency, growth and customer satisfaction, supported by an
integrated and seamless digital supply chain. The healthcare
equivalent, The Edge4Health(TM), is delivered in partnership with
NHS Shared Business Services to help fuel industry-wide efficiency
and operational productivity for both Healthcare Providers and
Suppliers.
www.virtualstock.co.uk
About Eight Peaks Group PLC
Eight Peaks Group PLC focuses on assisting companies and making
investments which exhibit the potential to generate returns of many
multiples through capital appreciation. Typically, Eight Peaks
takes stakes in small companies where there are clear catalysts for
value appreciation and the companies are operating in sectors
exhibiting long term growth. Examples of such sectors include
technology, energy and natural resources.
www.8pg.co
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END
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