EBT Share Purchase
3 November 2020
On behalf of:
Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group')
For immediate release
Finsbury Food Group Plc
EBT Share Purchase
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, has been notified that, on 30 October and 2 November 2020, the Finsbury Food Group plc Employee Benefit Trust (the "EBT") purchased 1,250,000 and 549,171 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") at a price of £0.54798 and £0.57000 per Ordinary Share respectively.
The Ordinary Shares, which will be held in the EBT, are intended to be used to satisfy awards made under the Finsbury Food Group Plc Long Term Incentive Plan and to satisfy future annual bonus payments. The EBT is a discretionary trust for the benefit of employees of Finsbury and its subsidiaries, including the Executive Directors of Finsbury.
Following the above purchases, the EBT holds a total of 5,046,554 Ordinary Shares, representing approximately 3.87% of the Company's issued ordinary share capital.
For further information:
Finsbury Food Group
John Duffy (Chief Executive)
Steve Boyd (Finance Director)
029 20 357 500
Max Hartley (Corporate Finance)
0207 397 8900
020 3405 0205
Notes to editors:
· Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.
· The Company is one of the largest speciality bakery groups in the UK and, with its Overseas division, has sales in the financial year ending 27 June 2020 exceeding £306m.
· The Company's bakery product range is comprehensive and includes:
o Large premium and celebration cakes.
o Small snacking cake formats such as cake slices and bites.
o Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.
o Gluten Free bread, morning goods and cake ranges.
· The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £969 million (source: IRI 52 w/e 12th September 2020). The retail bread and morning goods market has a value of £4.9 billion (source: Kantar Worldpanel 52 w/e 6th September 2020). The retail Free From cake market is valued at £52 million (source: Kantar Worldpanel 52 w/e 17th May 2020). The retail Free From bread & morning goods market is valued at £143 million (source: Kantar Worldpanel 52 w/e 6th September 2020). The UK Out of Home Foodservice Bakery sector is worth approximately £740bn per annum (source: UK foodservice data derived from MCA data for 52 weeks to 31st March 2020).
· The Company comprises a core UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.
· The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe, and the Company's manufacturing facilities in Rybarzowice and Zywiec in Poland.