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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Straight | LSE:STT | London | Ordinary Share | GB0033695486 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTT TIDMHLS RNS Number : 2045I Straight PLC 08 March 2010 Date: 8 March 2010 On behalf of: Straight plc ("Straight" or "the Group") For immediate release Straight plc * Acquisition of UK business and assets of Helesi plc * Strategic alliance Straight plc (AIM: STT), the environmental products and services group, is pleased to announce that it has acquired the business and certain assets relating to the UK manufacturing operations of Helesi plc (AIM: HLS), for a total consideration of GBP1.65m in cash. Straight has acquired assets, including moulds and presses, relating to the manufacture of Helesi's most popular wheeled refuse and recycling containers in the UK. Following the acquisition, manufacturing of these products will be carried out by one of Straight's established manufacturing partners. The Group will begin selling the products directly to its wide customer base and will assume Helesi's position supplying the UK and Irish markets, as well as taking over existing customer contracts and supply agreements. These products will be jointly branded 'Straight' and 'Helesi'. The consideration consists of an initial payment of GBP0.45m on exchange, a further GBP0.45m on completion and the balance paid in ten equal monthly instalments commencing on 30 April 2010. The initial payments will be part funded by a loan of GBP0.75m from Straight's lending bank, Lloyds TSB, with the remainder of the consideration being paid from the Group's existing cash resources. In addition to the cash consideration, Straight will pay Helesi an ongoing royalty for the use of its brand on jointly branded products. For the six months to 30 June 2009, Helesi plc's UK business generated revenues of approximately EUR4.4m and profit before finance charges of EUR0.3m. Despite holding a 10-15% share of the UK wheeled bin market, Straight has never had a proprietary wheeled bin. Straight believes that over time this move will enable it to generate margins on wheeled bins more in line with those which the Group generates on its core proprietary container range. The Group believes that the addition of this proprietary wheeled bin range will significantly strengthen its position in its core markets. As part of the agreement, Straight has entered into a strategic alliance with Helesi under which it will become the exclusive UK and Irish distributor and licensee for other Helesi products including plastic 4-wheeled bins. The Group will also have the right of first refusal to import and distribute any new products developed by Helesi. Both companies expect to work together on the development of new products - utilising Straight's innovative expertise and Helesi's technical know how. Welcoming the news, Jonathan Straight, Chief Executive of Straight plc, said: "We have been a distributor of Helesi products in the UK for a number of years and our customers have always been very satisfied with their high quality. We are delighted that we are now able to service these markets with a proprietary product, manufactured locally and in line with our proven model which prides itself on quality, innovation and market leadership." For further information, please contact +----------------------------------------+----------------------+ | Straight plc | | +----------------------------------------+----------------------+ | Jonathan Straight, Chief Executive | 0113 245 2244 | +----------------------------------------+----------------------+ | | | +----------------------------------------+----------------------+ | Panmure Gordon | | +----------------------------------------+----------------------+ | Andrew Godber | 0207 459 3600 | +----------------------------------------+----------------------+ | | | +----------------------------------------+----------------------+ | Redleaf Communications | | +----------------------------------------+----------------------+ | Paul Dulieu / Kathryn Hurford | 0207 566 6700 | +----------------------------------------+----------------------+ Notes to Editors · Straight plc is the UK's leading supplier of specialist kerbside recycling containers as well as a key supplier of a broad range of waste and recycling container solutions. Founded in 1993 by the current Chief Executive, Jonathan Straight, the business has since supplied more than 12 million kerbside recycling boxes to local authorities across the UK, securing its position as the industry leader. · In 2005, Straight acquired Blackwall Limited, the UK's largest supplier of home composters and water butts. Through the Blackwall brand, Straight has delivered more than 3.5 million compost bins and water butts. · The business operates through two divisions. The core Trade Business supplying products in bulk to local authorities, utilities, the waste industry, retailers and other businesses and the Retail Business supplying a range of proprietary environmentally friendly consumer products directly to the public, often in partnership with a local authority or a utility. · Straight operates a radical business model with all manufacture outsourced on an international basis. Most production is local to the end market keeping freight movements and associated emissions to a minimum. · In February 2009, Straight added to its portfolio with the acquisition of Harcostar Garden Products, a long established premium brand consisting of water butts, compost bins, watering cans and accessories. This has gained new distribution channels for the business in the UK and in Europe. · Straight plc has established diverse overseas sales channels and is now producing and selling water butts in Australia as well as strong initial sales in the United States and Canada. · Further information about the company and its products can be found at: www.straight.co.uk This information is provided by RNS The company news service from the London Stock Exchange END ACQUBVKRRSAORAR
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