Last checked at 19 Jun 2024 07:00
19 June 2024 |
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SANDERSON DESIGN GROUP PLC
("Sanderson Design Group", the "Company" or the "Group")
Transfer of Pension Scheme Liabilities
Sanderson Design Group PLC (AIM: SDG), the luxury interior design and furnishings group, announces an agreement with the Trustees of the Abaris Holdings Limited Pension Scheme ("Abaris Scheme") in which the Group has paid £2.3 million in cash to enable the transfer of the scheme's risks to an insurer under a buy-in insurance policy investment.
In addition to the agreed cash amount, which was funded from the Group's existing resources, the insurer has also received the Abaris Scheme's existing investments as part of the buy-in investment. Scheme administration and advisory costs, estimated to be approximately £700,000 in total, will continue to be paid by the Group over the life of the pension scheme but the core financial and demographic risks associated with funding member benefits has transferred to the insurer. The ongoing costs will not impact the Group's adjusted profit before tax.
The agreement means that the Group will no longer be required to fund shortfalls to the Abaris Scheme, which might arise from changes in market conditions.
The Abaris Scheme, a defined benefit scheme with 59 retirees and 60 deferred participants, is the smaller of two legacy pension schemes operated by the Group. It has been closed to new entrants and future defined benefit service accrual since 2005.
For further information:
Sanderson Design Group PLC | c/o Buchanan +44 (0) 20 7466 5000 |
Lisa Montague, Chief Executive Officer | |
Mike Woodcock, Chief Financial Officer | |
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Investec Bank plc (Nominated Adviser and Joint Broker) | +44 (0) 20 7597 5970 |
David Anderson / Ben Farrow | |
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Singer Capital Markets (Joint Broker) | +44 (0) 20 7496 3000 |
Tom Salvesen / Jen Boorer / James Todd |
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Burson Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Sophie Wills / Toto Berger / Abigail Gilchrist | |
SDG@buchanan.uk.com |
Notes for editors:
About Sanderson Design Group
Sanderson Design Group PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. In addition, the Company derives licensing income from the use of its designs on a wide range of products such as bed and bath collections, rugs, blinds and tableware.
Sanderson Design Group's brands include Zoffany, Sanderson, Morris & Co., Harlequin, Clarke & Clarke and Scion.
The Company has a strong UK manufacturing base comprising Anstey wallpaper factory in Loughborough and Standfast & Barracks, a fabric printing factory, in Lancaster. Both sites manufacture for the Company and for other wallpaper and fabric brands.
Sanderson Design Group employs approximately 600 people and its products are sold worldwide. It has showrooms in London, New York, Chicago and Amsterdam.
Sanderson Design Group trades on the AIM market of the London Stock Exchange under the ticker symbol SDG.
For further information please visit: www.sandersondesigngroup.com