Share Name Share Symbol Market Type Share ISIN Share Description
Camellia Plc LSE:CAM London Ordinary Share GB0001667087 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 6,725.00 6,650.00 6,800.00 6,650.00 6,650.00 6,650.00 111 16:35:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 291.2 7.8 -181.0 - 186

Camellia PLC Purchase of Bardsley England

02/08/2021 7:00am

UK Regulatory (RNS & others)

Camellia (LSE:CAM)
Historical Stock Chart

From Jul 2021 to Oct 2021

Click Here for more Camellia Charts.


RNS Number : 1559H

Camellia PLC

02 August 2021

2 August 2021

Camellia Plc

Purchase of Bardsley England, the UK's second largest apple supplier

Camellia Plc (CAM.L, Camellia), the global agriculture group, announces the purchase of an 80% stake in Bardsley England for GBP15.7m. Camellia will also make a loan to Bardsley of GBP9.3m.

Bardsley England is a major fruit farming business and the UK's second largest apple grower. The farming operation covers 850 hectares (2,100 acres) in Kent and includes 27 orchards growing apples, pears, cherries, plums and grapes as well as a large grading, packing and storage facility. Bardsley grows nearly 18,000 tonnes of fruit a year and at peak season it employs 550 staff. Bardsley is an innovator in the use of agritech, employing technology such as micro-climate sensors to monitor for adverse weather and wet leaf sensors to give early indication of pests and disease. It also uses a combination of trailer-mounted machine vision devices and remote satellite technology to improve yield predictions and crop management.

Bardsley's customers include major supermarkets in the UK.

The consideration, which is being satisfied from existing resources, is payable as to GBP12.7m which was paid at completion with the balance of GBP3m deferred and payable by July 2022. Of the total consideration, approximately GBP9.7m is being used to subscribe for new shares in the business with the remainder being used to purchase existing shares. In addition to strengthening Bardsley's balance sheet, the investment by Camellia will support growth and ensure the business is able to invest further in developing its packing operations and extending its orchards. The loan mentioned above will largely be used to repay Bardsley's existing borrowings.

Bardsley England operates through a number of UK companies. For the year ended 31 March 2021 it had revenue of GBP22.4m* and recorded an unaudited loss before tax of GBP1.7m*. Gross assets of the business at that date were GBP26.2m* and net assets were GBP8.3m*.

The effect of the acquisition on Camellia's profit before tax for 2021 is expected to be broadly neutral before deal costs of GBP1.2m but is expected to be significantly earnings enhancing in 2022.

Benefits of the acquisition

-- Camellia is a global agricultural group specialising in bearer plants (plants that produce regular crops, such as fruit trees). We are always looking to diversify our product and geographical portfolio. Bardsley helps do both.

-- As part of Camellia Bardsley will have access to a wider customer base and lower cost of finance.

-- Bardsley's packhouse operations offers synergies with Camellia's avocado, macadamia and blueberry businesses and works with many of the same customers.

   --    Bardsley is a cash generative operation. 
   --    The acquisition is expected to be earnings enhancing in 2022. 
   --    Bardsley being in the UK will improve Camellia's effective tax rate. 

Tom Franks, CEO at Camellia, commented:

"We have been looking for some time to increase our focus on agriculture where we have deep skills, and to increase our operations in the UK. Bardsley helps with both. It is located close to our HQ in Kent, which is the premier region for apple growing in the country. We look forward to partnering with the Bardsley family in the future."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.


* Bardsley England operates through a number of companies which have not previously been consolidated. The figures quoted in this announcement represent an unaudited proforma aggregation of the reported results of the individual entities for the year ended 31 March 2021. The underlying results of the entities are prepared under Financial Reporting Standard 102 and are not wholly comparable with Camellia's accounting policies.


   Camellia Plc                                                                       01622 746655 

Tom Franks, CEO

Susan Walker, CFO

   Panmure Gordon                                                             020 7886 2500 

Nominated Adviser and Broker

Emma Earl

Erik Anderson



   William Clutterbuck                                                         07785 292617 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

August 02, 2021 02:00 ET (06:00 GMT)

1 Year Camellia Chart

1 Year Camellia Chart

1 Month Camellia Chart

1 Month Camellia Chart
ADVFN Advertorial
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20211028 17:21:34