Business
Renewal of Licensing Agreement with Bedeck
Renewal of Licensing Agreement with Bedeck.
About this update from Sanderson Design Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0599H\n Sanderson Design Group PLC\n 04 April 2022\n \n \n \n \n \n \n \n \n 4 April 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n SANDERSON DESIGN GROUP PLC\n \n \n (\"Sanderson Design Group\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Renewal of Licensing Agreement with Bedeck\n \n \n \n \n \n \n Sanderson Design Group PLC\n \n (AIM: SDG), the luxury interior design and furnishings group, is pleased to announce that the bedlinen and homewares company Bedeck, one of the Group's core licensees, has renewed its licensing agreement with the Group for a further three years as expected. \n \n \n Approximately £1.4 million of accelerated income will be recognised under IFRS15 in the current financial year in connection with the renewal. In addition to the accelerated income, which comprises three years of fixed minimum payments, the Group will also receive sales-based royalty payments.\n \n \n Bedeck currently has exclusive rights to sell a wide range of bedlinen and towelling for the Morris & Co., Sanderson, Harlequin and Scion brands throughout the UK, Europe and Middle East. In addition to the renewal of these rights, under the terms of the renewal agreement Bedeck will also hold non-exclusive rights for bedlinen and towelling in the USA and Canada for the four brands.\n \n \n The contract renewal, which begins on 1 February 2024, has been signed ahead of the renewal date to enable the development of new products based on recent launches by Group brands.\n \n \n \n Lisa Montague, Sanderson Design Group's Chief Executive Officer,\n \n \n commented: \"We are delighted to renew and extend our licensing agreement with bedlinen specialist Bedeck, which is one of our core licensees. The licence agreement now includes North America and I'm excited by the potential of the combination of our brands and Bedeck's bedlinen in the US market.\"\n \n \n \n \n \n For further information: \n \n \n \n \n \n \n \n \n \n Sanderson Design Group PLC\n \n \n \n \n \n \n \n c/o Buchanan +44 (0) 20 7466 5000\n \n \n \n \n \n \n Lisa Montague, Chief Executive Officer \n \n \n \n \n \n \n \n \n \n Mike Woodcock, Chief Financial Officer\n \n \n \n \n \n \n \n \n \n Caroline Geary, Company Secretary\n \n \n \n \n \n \n \n \n \n \n \n  ...