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UP Global Sourcing Holdings PLC - Manchester-based homeware brands, including Salter - Renews trademark licence deal with manufacturing firm Spectrum Brands Holdings Inc, which grants it an exclusive licence to use the "Russell Hobbs" trademark in the United Kingdom, Europe, Australia and New Zealand for non-electrical kitchen and laundry products. Says the new deal is on a rolling four-year basis, rather than the previous fixed-term arrangement due to end in March next year. This reduces licensing risk, the firm explains.
Chief Executive Officer Simon Showman says: "We are delighted to continue our relationship with Spectrum Brands and are privileged to be able to use the Russell Hobbs trademark on a range of non-electrical kitchen and laundry products. Moving from a fixed-term arrangement to a rolling four-year contract decreases the ongoing licence risks, allowing us to focus on the long-term growth of the brand, which will increase the benefits of the partnership for both Spectrum Brands and Ultimate Products."
Russell Hobbs is a British heritage kitchenware brand for which Ultimate Products has had the licence for cookware lines since 2011. In financial 2022, Ultimate Products produced revenue of £20.2 million under the "Russell Hobbs" trademark.
Current stock price: 94.94 pence, down 2.5% on Tuesday afternoon in London
12-month change: down 44%
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