Plans to change name of the listed Group entity from Portmeirion Group PLC to Spode PLC
The Portmeirion Group has announced it has successfully conditionally raised gross proceeds of £17.0 million through a significantly oversubscribed placing of new ordinary shares.
This Placing marks a major step forward towards achieving the Fortress Balance Sheet objective. On completion of the Placing, and with a new 5-year ABL facility in place, Portmeirion says it can focus on delivering its ‘Portmeirion: Elevated’ transformation plan from a position of financial strength.
The funds raised will be used to help accelerate delivery against this strategy:
- substantially reduce Portmeirion’s debt through the creation of a ‘Fortress Balance Sheet’
- strengthen its financial position
- enable the business to more quickly invest in its US Amazon business
- look for complementary ‘bolt-on’ acquisition opportunities
The Company will also launch a Retail Offer through the Bookbuild Platform to raise gross proceeds of up to £2 million (before fees and expenses). The Retail Offer provides existing retail Shareholders in the United Kingdom with an opportunity to participate in the Fundraising at the same price as the Placing.
Commenting on the Placing, non-executive chair, Peter Tracey said: “We are delighted to see the placing has been significantly oversubscribed and we are grateful to all participating shareholders for their support, from Sweden and Great Britain, existing and new. We have an experienced senior leadership team in place led by CEO Michael Scheepers, an exciting growth plan for 2027 and beyond, a substantially strengthened financial position and a portfolio of exceptional homeware brands. This gives the Board significant confidence in the medium- and long-term prospects for the Company to create substantial value for our shareholders.”
Portmeirion Group plans to change the name of the listed Group entity from Portmeirion Group PLC to Spode PLC. They say this recognises the business’ heritage, the global reach and resonance of the Spode brand in its markets, its Intellectual Property ownership and increasing simplicity in a digital world.