RNS Reach: Non-Regulatory Announcement
2 Aug 2022
PITTARDS PLC
("Pittards", "the Company" or "the Group")
Strategic aquisition of Luxury Fashion Brand, Hill & Friends Limited
Pittards plc (AIM: PTD), the specialist producer of technically advanced leather and luxury leather goods for global brands, manufacturers, and distributors, is pleased to announce that it has acquired the brand and assets of Hill & Friends Limited, a contemporary luxury fashion brand founded by Emma Hill CBE and Georgia Fendley, based in London.
The acquisition enables Pittards to add another luxury fashion brand to its growing portfolio, bringing with it a distinctive aesthetic, proven pedigree, and a loyal customer base whilst also offering the potential for material international growth.
Founded in 2015, Hill & Friends' range of high fashion handbags and accessories quickly established a reputation for both quality and value. Co-Founder Emma Hill's ethos of believing in fair trade and ethical practices conforms with Pittards own long term strategy to drive sustainable growth, and will provide operational & creative efficiencies with Pittards existing fashion brands. She joins Pittards as a consultant.
Commenting on the acquisition, Pittards' CEO, Reg Hankey, said: "maintaining our strong balance sheet, this acquisition has been financed entirely from the Company's existing liquidity. This complementary acquisition represents a compelling opportunity to further scale our offering, building on our success with our luxury gentlemen's brand Daines and Hathaway. We are excited to be working with Emma to increase the breadth of our fashion industry offering whilst at the same time, driving further synergy benefits and unlocking shareholder value through increased scale."
For further information, please contact:
| Pittards plc | |
| Stephen Yapp, Chairman Reg Hankey, CEO | +44 (0) 1935 474 321
|
| Walbrook PR Limited | +44 (0)20 7933 8780 |
| Paul Vann Joe Walker | +44 (0)7768 807 631 +44 (0)7407 020 470 |
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
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.