As you may have read in our report earlier today Dudson was put into administration.
But there is a little bit of good news Churchill China has purchased certain intangible (
nonphysical assets) and tangible (physical and measurable assets) assets from Dudson Holdings Limited and Dudson Limited (both in Administration) for a total consideration of GBP 2.1 million, funded from the Group’s existing cash resources. The purchase does not include the Dudson group operating businesses.
1.5 million of the consideration is for the Dudson brand and for intellectual property in respect of two of Dudson’s product ranges, ‘Harvest’ and ‘Evo’. Dudson is a long established manufacturer of performance vitrified ceramic tableware based in Stoke on Trent and has operated in similar markets to Churchill. Certain plant and equipment has also been purchased for GBP0.6 million.
The assets purchased are complementary to our existing strategic plan and will allow Churchill to further extend its offering of differentiated added value products.