Description of business:
Norish is a leading warehousing company dedicated to serving the food manufacturing, wholesale and retail sectors within the UK. Norish provides supply chain solutions for companies on a local, regional and national basis including storage (including customs bonded storage), handling, freezing, de-vanning, picking and cross-docking. Norish currently operates eight strategically located temperature-controlled storage centres in the UK, each of which provides storage, freezing, picking, order assembly services to food companies engaged in processing, supply, wholesaling and retailing. Locations include Bury St. Edmunds, Suffolk (Cold store), Brierley Hill, West Midlands (Cold store), Wrexham, Clwyd (Cold store), Braintree, Essex (Cold store), Lympne, Kent (Cold store), Gillingham, Kent (Cold store), Leeds, Yorkshire (Cold store), Shipton by Beningbrough, York (Ambient warehouse).
On 19 September 2012, it was announced that the Norish Group had entered into a conditional agreement to acquire the entire issued share capital of Townview Foods Limited ("Townview"), a meat trading business based in Northern Ireland, for an aggregate consideration of up to £8.25 million. Townview was established in 1999 and is based in Newry, Northern Ireland. Townview procures supplies of raw and cooked beef, mutton, lamb, pork and poultry products from around the world in order to supply major food manufacturing and wholesale companies across the UK, including Northern Ireland. The Company is also proposing to raise £250,000 through a placing of 833,333 new Norish Units at 30p to part satisfy the consideration.
As the Acquisition constitutes a reverse takeover under Rule 14 of the AIM Rules, an application, which is conditional on the passing of the Resolution approving the Acquisition at the EGM, will be made to the London Stock Exchange for the Enlarged Issued Share Capital to be admitted to trading on AIM.