Volvere PLC Business Closure - Indulgence Patisserie (7233F)
08 Novembro 2022 - 11:59AM
UK Regulatory
TIDMVLE
RNS Number : 7233F
Volvere PLC
08 November 2022
8 November 2022
Volvere plc
("Volvere" or the "Company")
Business Closure - Indulgence Patisserie
Volvere plc (AIM: VLE), the growth and turnaround investment
company, announces the closure of Indulgence Patisserie
Limited.
In our interim results, released on 29 September 2022, we
reported that we were continuing to assess the ongoing viability of
Indulgence Patisserie, the Group's frozen desserts business, in the
light of the future sales opportunities, product margins and
overhead costs associated with it. Over the last few months, we
have seen no improvement in raw material or energy costs and we do
not believe this situation will improve sufficiently to continue
manufacturing from the Colchester site. As a result, in order to
prevent further material losses, we have decided to close the
Indulgence business. We are, therefore, also marketing the freehold
properties for sale.
The business reported a loss before tax and intra-Group
management charges for the six months to 30 June 2022 of GBP1.51
million on revenues of GBP2.09 million. No manufacturing has taken
place since early August and this has, as expected, significantly
reduced underlying trading losses since the half year as orders are
being met from existing stocks of finished goods. We have notified
all remaining staff at Indulgence of our decision and are working
with customers constructively to ensure we can continue to support
them for as long as possible.
It is naturally disappointing that we have had to take this
decision but, in the current environment, we believe it to be the
best course of action. We are grateful to our staff and customers
for their support.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
For further information:
Volvere plc Tel: +44 (0) 20 7634 9707
Jonathan Lander, CEO www.volvere.co.uk
Cairn Financial Advisers LLP (Nominated Tel: + 44 (0) 20 7213 0880
Adviser)
Sandy Jamieson/James Lewis
Canaccord Genuity Limited (Joint Broker) Tel: + 44 (0) 207 523 8000
Bobbie Hilliam
Hobart Capital Markets LLP (Joint Tel: +44 (0) 20 7070 5691
Broker)
Lee Richardson
- Ends -
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END
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(END) Dow Jones Newswires
November 08, 2022 09:59 ET (14:59 GMT)
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