Portmeirion Group: Acquisition of remaining 50% equity in Portmeirion Canada
Aug 18, 2020, 07:00 ET
LONDON, Aug. 18, 2020 /PRNewswire/ -- Portmeirion Group is pleased to announce that it has acquired Royal Selangor Canada's 50% interest in Portmeirion Canada Inc, making Portmeirion Canada a wholly owned subsidiary of the renowned British homewares company and ending the Group's successful 33 year partnership with Royal Selangor Inc.
The Group recently completed an equity raise from existing and new investors which was launched in order to fund a number of strategic initiatives, including building a significant presence in Canada. This transaction therefore is the first step in delivering on this strategy.
Royal Selangor Inc. will continue as the Canadian and US distribution company for Royal Selangor Pewter products and Portmeirion Canada will continue to operate from its current office and warehouse facilities and retain the combined workforce.
The Group also announces that Robert Burke is stepping down from his executive role as Portmeirion Canada's president, having served the business for 33 years since the Canadian business was founded. He will remain as a non-executive director on the board of Portmeirion Canada. At the same time CY Wong is stepping down as Senior Vice President but will continue to act in a senior management role, reporting to Bill Robedee, newly appointed President, North America of Portmeirion Group.
Robert Burke, Portmeirion Canada's outgoing president said:
"It has been the highest honour to have served the group and our Canadian retail partners for 33 years and am delighted to be leaving in place a terrific management team. I look forward to continuing serving on the Portmeirion Canada Board of Directors.
Bill Robedee, President, North America said:
"This investment represents Portmeirion Group's long-standing commitment to the Canadian market and its Canadian customers. We are well-placed to deliver a long-term growth strategy in Canada, where we see significant potential, and I am looking forward to partnering with CY to achieve that growth."
About Portmeirion Group
Portmeirion Group PLC is a Stoke-on-Trent based British company and a market leader in high quality and innovatively designed tableware, cookware, giftware and tabletop accessories. Portmeirion Group encompasses six world leading brands, Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé.
Portmeirion Group, London Road, Stoke-on-Trent ST4 7QQ
Contact: Hudson Sandler, +44(0)20-7796-4133, [email protected]
SOURCE Portmeirion Group
