S-Ventures PLC Corporate update on Subsidiary Insolvency (7128V)
11 4월 2023 - 3:00PM
UK Regulatory
TIDMSVEN
RNS Number : 7128V
S-Ventures PLC
11 April 2023
11 April 2023
S-VENTURES PLC
("S-Ventures" or the "Company")
Corporate update
S-Ventures plc (AQSE: SVEN) (OTCQB: SVTPF), the company growing
exciting brands across the natural, wellness and food-tech
categories announces that on 31 March 2023, the Board determined
that it was no longer commercially viable to continue supporting
Lizza, a-100% subsidiary of S-Ventures. Accordingly, the Board has
filed for insolvency of Lizza in the German court this week.
Lizza was acquired by S-Ventures in September 2022 for EUR1 .
Lizza was already a loss-making company at the time of
acquisition.
For the 5-month period ended 28 February 2023, Lizza made a net
loss of c. EUR 1.00 million on a turnover of c. EUR0.60 million,
representing c.6% of the Group's consolidated revenue during the
same period.
A mix of issues has affected its business and financial
performance acutely, including increasing ingredient costs, labour
costs and a lack of consumer demand which have led to a significant
drop in sales and a huge upsurge has arisen in costs that was
unforeseen. The losses are unsustainable, and the brand and costs
associated with production and distribution are not commercially
viable. We and the team at Lizza have exerted every effort to turn
around the business. However, due to the losses and tough business
environment, the Board decided that it had no alternative but to
seek liquidation.
The Board is of the view that the liquidation of Lizza will not
significantly impact the other businesses within S-Ventures.
However, the Group intends to find alternatives for European
distribution which has become ever more complex but is still a very
small amount of the Group's business (c.2%).
As a result of this liquidation, the Group will incur a
write-off of approximately EUR 1.00 million from the loans owed to
it from Lizza.
For further information, please contact:
The Company
Robert Hewitt (Chief Financial
Officer)
Scott Livingston (Chief Executive
Officer) +44 (0) 1932 400 224
AQSE Corporate Adviser and
Broker:
VSA Capital Limited
Andrew Raca
Evon Chan
Matthew Harker +44 (0) 20 3005 5000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NEXKVLBBXZLEBBK
(END) Dow Jones Newswires
April 11, 2023 02:00 ET (06:00 GMT)
SVentures (AQSE:SVEN)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
SVentures (AQSE:SVEN)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024