Press Release Sanctuary
HG Capital Trust PLC
11 July 2005
The following is the text of a press release issued by HgCapital, which manages
the investment portfolio of HgCapital Trust plc alongside those of other
clients. The Trust, which participates in all of HgCapital's investments, will
invest £3.8 million in The Sanctuary Spa Covent Garden.
Alice Avis appointed as CEO of The Sanctuary Spa
London 11 July 2005. HgCapital, the European sector-focused private equity
investor, announces that Alice Avis, former Director of Marketing of Marks &
Spencer, has been appointed CEO of The Sanctuary Spa Holdings Limited ('The
Sanctuary Spa').
At the same time, through a transaction with a total value of £24m, HgCapital
has bought out some minority shareholders and funded the acquisition of The
Sanctuary Spa's products business. Debt facilities have been provided by HSBC
Bank.
The Sanctuary Spa's beauty products, branded 'The Sanctuary Spa Covent Garden',
were previously manufactured under license by a third party business, The
Sanctuary Connections Limited. The products are sold through Boots The Chemist
and The Sanctuary Spa. The annual sales of Sanctuary Spa products are some £30
million at retail prices. The acquisition of this business will bring control of
the product portfolio directly back to The Sanctuary Spa management team
enabling The Sanctuary Spa to capitalise on its credentials as the UK's leading
women only day spa.
Alice Avis has been a Non-Executive Director of The Sanctuary Spa since 2001.
Her career background as Director of Marketing at Marks and Spencer, Marketing
Director of Flutter.com and Global Brand Director of Diageo combines strong
marketing experience and a successful track record in building international
brands together with experience in advertising, strategy consulting and
e-commerce.
As a Non-Executive Director, Alice has already built a deep understanding of The
Sanctuary Spa and of its growth potential. Alice's remit is to grow the products
business by building on its unique link to the physical spa. As a product
category, spa is one of the fastest growing segments of the beauty products
market. Alice will also undertake a review of the spa business with a focus on
potential expansion opportunities.
Richard Mathews, a director in HgCapital's consumer team, who will also join the
board of The Sanctuary Spa, commented:
'This is an exciting investment opportunity for HgCapital. Our focus in the
consumer team is in backing excellent management to grow strong consumer brands
with distinct product offerings. The Sanctuary Spa clearly meets these
criteria.'
Alice Avis, The Sanctuary Spa's new CEO added:
'This is an exciting time for the business. I am very much looking forward to
building on The Sanctuary Spa's famous brand by expanding both the products
business and the spa. We have a real opportunity to capitalise on the genuine
heritage and loyalty inspired by the Sanctuary Spa brand.'
Enquiries:
HgCapital
Richard Mathews +44 (0)20 7089 7931 richard.mathews@hgcapital.net
The Sanctuary Spa Group
Alice Avis +44 (0) 7831 815012 Alice.Avis@thesanctuary.co.uk
Maitland
Suzanne Bartch +44 (0)20 7379 5151 sbartch@maitland.co.uk
Peter Ogden pogden@maitland.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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