LONDON, UK: Camellia Plc has agreed to the sale of its curiosity in ACS&T to HSH Coldstores Limited (HSH) for £16.5 million in cash. A pre completion money dividend of £3.8 million is additionally being paid to the Company.
Camellia Plc is an worldwide group – a global household of diverse companies with a 134-year heritage using roughly 78,500 people worldwide.
HSH is one of many UK’s main suppliers of temperature-controlled storage and distribution options and a subsidiary of Constellation Cold Logistics, Europe’s third largest chilly storage network.
The transaction, which is topic to customary warranties and indemnities is anticipated to full on 10 January 2023. There are no conditions to completion save for the lapse of time.
The final consideration due to the Company stays topic to settlement on the completion accounts in accordance with the share buy agreement, together with the precise working capital at completion against an agreed estimate and changes for money and/or debt items. It is anticipated that such changes will be agreed in Q2 2023.
The proceeds from the sale will be utilized to support the Group’s technique of focussing its funding exercise on its core agriculture operations and for general working capital purposes.
ACS&T, which is a BRCGS accredited meals temperature-controlled storage and logistics expert had revenues of £13.0 million and recorded a revenue earlier than tax of £0.6 million for the six months ending 30 June 2022 (year ended 31 December 2021: income of £22.0 million and revenue earlier than tax of £nil).
At 30 June 2022, the gross assets attributable to the enterprise were £33.6 million and net assets attributable to the enterprise were £14.8 million. Camellia expects to record a gain on the sale of ACS&T (net of expenses) within the present monetary year of roughly £3.7 million.