Dart Group Plc, a holding company based in Leeds, England, has completed the sale of its distribution and logistics business Fowler Welch to Culina Group for gross cash of £98 mln. This was announced on Monday.
The AIM-traded firm described Fowler Welch as one of the UK's leading providers of food supply-chain services, serving retailers, processors, growers and importers through its distribution network. In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, at its Teynham facility.
As at 31 March, Fowler Welch had unaudited net assets of £60.5 mln.
“The board believes that the transaction will enable the group to focus on its long-term strategy of growing its leisure travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership,” the Dart Group board said in its statement.
At 0918 BST, shares in Dart Group were up 0.23% at 884.