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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Food & Drink Gp | LSE:FDG | London | Ordinary Share | GB00B0WYV516 | 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% | 9.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9722U Food & Drink Group (The) PLC 17 April 2007 THE FOOD & DRINK GROUP PLC ("FDG" or "the Group") Acquisition The Food & Drink Group PLC, the London focussed licensed retailer and operator of 26 bars, announces the acquisition of seven leasehold sites from The Puzzle Pub Company Limited ("Puzzle"). The Group has signed contracts for the purchase of seven leasehold properties from The Puzzle Pub Company Limited for a consideration of #1.2m, payable in cash and funded from current financial resources. The sites currently trade as either Puzzle or The Stone Horse and are all located in Central London in locations such as Westminster, the City and Canary Wharf. In the last financial year to 31 January 2007, the sites delivered sales of #3.7m and EBITDA of #0.3m. The Group is only acquiring the sites, with no associated central overhead. The acquisition will be earnings enhancing next year. Each of the seven bars will be incorporated into one of the Group's current trading divisions and those trading under the Puzzle concept will be re-branded during a refurbishment programme during the remainder of 2007. With five of the sites having outside trading capacity, our short-term goal is to maximise the performance of these sites as we come into the summer trading period, together with the trading opportunity which the forthcoming smoking ban presents. The businesses are already tightly controlled from an operational perspective and future improvements will come from upgrading the customer offer, particularly with respect to food sales, and from improved purchasing across the enlarged group. Stephen Thomas, Chairman of The Food & Drink Group PLC, commented: "This acquisition meets our strategic objectives and will enhance shareholder value. These are good trading sites in some excellent locations which will enable the Group to continue to deliver its growth aspirations." 17 April 2007 ENQUIRIES: The Food & Drink Group PLC Tel: 020 7349 4440 Stephen Thomas, Chairman James Kowszun, Chief Executive Today: 020 7457 2020 College Hill Justine Warren /Jamie Ramsay Tel: 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange END ACQEAXLXFDLXEEE
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