30th Sep 2021 22:03
Norish PLC - warehousing company - Agrees to sell its cold storage division to Nichirei Logistics Group Inc for GBP65.7 million. The decision follows a strategic review into the business unit, leading to the company appointing Investec Corporate Finance to conduct a formal sales process.
The division operates from six sites in the UK and provides around 47,500 racked temperature-controlled pallet spaces.
The deal is conditional on shareholder approval, to be gained from an extraordinary general meeting to be held on October 20.
The sale will change Norish's primary business from temperature controlled storage to product sourcing, dairy farming and manufacture of dairy and functional nutrition products.
Should the sale go through, Norish plans to change its name to Roebuck Food Group PLC.
Current stock price: 175.00 pence, up 11% on Thursday.
Year-to-date change: up 56%
By Dayo Laniyan; [email protected]
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