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IN BRIEF: Samarkand Group agrees to sale of Probio7 for GBP1.3 million

14th Jun 2024 17:15

Samarkand Group PLC - cross-border eCommerce technology solutions provider, which has headquarters in Shanghai and London - Sells its probiotics brand, Probio7, for a total consideration of GBP1.3 million. This will be satisfied by an initial consideration of GBP1.1 million in cash, and a deferred consideration of GBP200,000 payable in cash, in equal instalments over a 12-month period. Explains that the disposal will help put resources towards faster growing brands, namely Napiers, the Herbalists, and Zita West. Will also provide more working capital to support the acquisition of Optimised Energetics Ltd.

Chief Executive Officer David Hampstead says: "In tandem with the recently announced acquisition of Optimised Energetics, this leaves us with us a better positioned portfolio of high growth, high potential brands and strengthens the capabilities of our platform through vertical integration which we consider a source of competitive advantage in the market for niche brands."

Current stock price: 4.00 pence

12-month change: down 84%

By Holly Beveridge, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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