Business
Sale of Lords at Home subsidiary
Sale of Lords at Home subsidiary.
About this update from Lords Group Trading Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2 February 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Lords Group Trading plc\n \n \n \n ('Lords', the 'Group' or the 'Company')\n \n \n \n \n \n \n Sale of Lords at Home subsidiary\n \n \n \n \n \n \n \n \n Lords, a leading distributor of building materials in the UK, announces the sale of its wholly owned subsidiary entity, Lords at Home Ltd ('Lords at Home') including the Lords at Home brand. Lords at Home sells high quality homewares through five branches across West London and was the original Lords division which first opened in 1985. The subsidiary, which has 31 employees, is considered non-core to the Group's principal focus of building, plumbing, heating and DIY goods, and its sale will allow the Group to further focus on core areas of the Lords' business.\n \n \n \n \n \n The cash consideration for sale of the Lords at Home business is £805,000 payable in full on completion, with the sale proceeds to be retained within the Group and applied towards investments that meet the Group's return on investment hurdle. During the year ended 31 December 2022, Lords at Home generated £3.0 million in revenue and contributed £80,000 of EBITDA. The purchaser of Lords at Home is the current Managing Director of the Lords at Home subsidiary.\n \n \n \n \n \n \n Shanker Patel, Chief Executive Officer of Lords, commented:\n \n \n \"I am confident that the sale of Lords at Home Ltd is a good outcome for all stakeholders across both Lords Group Trading Plc and Lords at Home Ltd. We are confident that under its new ownership, Lords at Home will uphold its customer and colleague first approach. As a Group we are focused on disciplined capital allocation to deliver strategic growth and the divestment of Lords at Home reflects this approach.\"\n \n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n - ...