Brand Architekts Group PLC Joint Venture Settlement: Mr Haircare Limited (3022V)

TIDMBAR

RNS Number : 3022V

Brand Architekts Group PLC

01 December 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "EUWA")) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Brand Architekts Group PLC

("Brand Architekts" or the "Group")

Joint Venture Settlement: Mr Haircare Limited

Brand Architekts Group plc, a challenger British Beauty brand business, were pleased to announce on 30th June 2023, a resolution of its legal claim with Jamie Stevens Media Limited (JSML), its joint venture counterparty/co-shareholder in Mr Haircare Ltd. The Group agreed to a full and final settlement of all claims and to purchase JSML's 55% shareholding in Mr Haircare Ltd in cash at a fair value price to be determined by an external valuer. An independent valuer was appointed and JSML's shareholding has been valued at GBP535,000. Final payment will be made shortly.

The acquisition of MR Haircare is in line with the company's strategic vision to invest and build its portfolio of high-performance, problem-solving and margin accretive brands. The brand will be relaunched as 'MR Expert Solutions' and the company's vision is to initially consolidate its position in the Men's Thicken and Disguise haircare category and then expand the brand into adjacent male grooming problem solving categories and invest in the master brand to accelerate brand awareness and stimulate consumer trial.

 
For further information please contact: 
 
Brand Architekts Group PLC 
 Quentin Higham 
Singer Capital Markets       (Nominated adviser and 
 Shaun Dobson / Jen Boorer    broker)                 020 7496 3000 
Alma PR 
 Josh Royston / Sam Modlin                            0203 405 0205 
 

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December 01, 2023 02:00 ET (07:00 GMT)