|
AG Barr PLC on Tuesday said it has purchased Rio Tropical soft drinks brand from Dorset, England-based brewer Hall & Woodhouse Ltd for £12.3 million. The Cumbernauld, Scotland-based drinks manufacturer, with brands including Irn-Bru, Rubicon, Funkin and Boost said the brand Rio has been marketed, sold and distributed ‘on an exclusive licence basis’ by AG Barr’s Boost Drinks division, which it bought in 2021. AG Barr said the acquisition is ‘entirely funded by the group’s strong net cash position’. The company said it does not expect the transaction to have a material impact on its profit for the financial year ending January 28. Chief Executive Officer Roger White said: ‘As brand builders we are delighted to acquire the Rio brand and secure its long-term position in our wider portfolio. This allows us to realise the benefits of full brand ownership and support Rio’s continued growth. This acquisition is a further positive indication of our strategic ambitions.’ Shares in AG Barr were up 0.6% at 505.85 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
