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Pittards PLC - Yeovil, Somerset-based leather and leather goods producer - Buys London-based luxury fashion brand Hill & Friends Ltd for an undisclosed amount. The acquisition, which has been financed from the company's existing cash resources, enables Pittards to add another fashion brand to its growing portfolio whilst also offering the potential for international growth.
Says that Hill & Friends Co-Founder Emma Hill's ethos of around fair trade and ethical practices conforms with Pittards own strategy to drive sustainable growth and will provide operational and creative efficiencies with Pittards existing fashion brands. Hill will join as a consultant, it adds.
Pittard Chief Executive Officer Reg Hankey said: ‘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.’
Current stock price: 57.80 pence
12-month change: up 3.2%
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