Appointment of NOMAD and sole broker
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Date: |
12 January 2021 |
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On behalf of: |
Finsbury Food Group Plc ("Finsbury", "the Company" or "the Group") |
Finsbury Food Group Plc
Appointment of NOMAD and sole broker
and
AIM Rule 17 Schedule 2(g) update
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, is pleased to announce the appointment of Panmure Gordon (UK) Limited as NOMAD and sole broker with immediate effect.
The Company also announces the information in Appendix I below relating to director disclosure under Schedule Two, Paragraph (g) of the AIM Rules for Companies.
Contact:
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Finsbury Food Group John Duffy (Chief Executive) Steve Boyd (Finance Director)
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029 20 357 500 |
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Panmure Gordon Oliver Cardigan (Corporate Finance) Atholl Tweedie Joanna Langley Erik Anderson (Corporate Broking)
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020 7886 2500 |
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Alma PR Rebecca Sanders-Hewett Sam Modlin David Ison |
020 3405 0205 |
Notes to editors:
· Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.
· The Company is one of the largest speciality bakery groups in the UK and, with its Overseas division, has sales in the financial year ending 27 June 2020 exceeding £306m.
· The Company's bakery product range is comprehensive and includes:
· Large premium and celebration cakes.
· Small snacking cake formats such as cake slices and bites.
· Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.
· Gluten Free bread, morning goods and cake ranges.
· The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £969 million (source: IRI 52 w/e 12 th September 2020). The retail bread and morning goods market has a value of £4.9 billion (source: Kantar Worldpanel 52 w/e 6 th September 2020). The retail Free From cake market is valued at £52 million (source: Kantar Worldpanel 52 w/e 17th May 2020). The retail Free From bread & morning goods market is valued at £143 million (source: Kantar Worldpanel 52 w/e 6 th September 2020). The UK Out of Home Foodservice Bakery sector is worth approximately £740bn per annum (source: UK foodservice data derived from MCA data for 52 weeks to 31st March 2020).
· The Company comprises a core UK Bakery division and an Overseas division:
· The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.
· The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe, and the Company's manufacturing facilities in Rybarzowice and Zywiec in Poland.
Appendix I
On 30 September 2009, in relation to the appointment of John Duffy as CEO, the Company disclosed certain directorships under Schedule Two, Paragraph (g) of the AIM Rules for Companies. In addition to those previously disclosed, John was also a director of Noon Group Limited within the five years prior to his appointment.
On 20 January 2010, in relation to the appointment of Stephen Boyd as Group Finance Director, the Company disclosed certain directorships under Schedule Two, Paragraph (g) of the AIM Rules for Companies. As disclosed, Steve was a director of Pentagon Foods Limited; this company went into administration in November 2008, owing 4 creditors with estimated claims of £4.2m. The company was subsequently dissolved in September 2009.
On 1 February 2016, in relation to the appointment of Marnie Millard as Non-Executive Director, the Company disclosed certain directorships under Schedule Two, Paragraph (g) of the AIM Rules for Companies. In addition to those previously disclosed, Marnie was also a director of Connect Wetherby Limited within the five years prior to her appointment. Marnie had also been a director of Luscious Food & Drink Company Limited, a company which, within twelve months of her resignation in July 2007, went into administration in December 2007 and subsequently a creditors' voluntary liquidation in June 2009. There were 18 unsecured creditors with total estimated claims of £0.5m. The company was dissolved in February 2011.
On 3 July 2017, in relation to the appointment of Robert Beveridge FCA as Non-Executive Director, the Company disclosed certain directorships under Schedule Two, Paragraph (g) of the AIM Rules for Companies. In addition to those previously disclosed, Bob was also a director of Minimob Limited within the five years prior to his appointment.
There is no further information required to be disclosed pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies.
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