By Emily Hawkins
Silverwood has acquired a 19.8 per cent stake in shower gel seller Lush as the investment firm says it is well placed for “generating new ideas to invigorate and strengthen” the retailer.
The London-listed Silverwood said the total consideration for the purchase of Lush sale shares sat at around £216.8m.
This would be satisfied via an issue and allotment of 228,212,632 new ordinary shares to Lush co-founder Andrew Gerrie and his wife Alison Hawksley for a 95p per share price.
Silverwood has also purchased 90 per cent of the total issued share capital for Japanese skin-care maker Sonotas Holdings, alongside all of the total issued share capital of Sonotas Corporation.
The Sonotas acquisition means £417,000 in cash and around £15.6m in Silverwood shares will be paid to the Sonotas vendors.
Both Lush and Sonotas were “tremendously exciting companies with a vast amount of growth potential,” Paul Hodgins, non-executive director of Silverwood, said on Monday.
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