TIDMDESC
RNS Number : 7132H
Designcapital PLC
02 June 2011
For release 07:00 02 June 2011
designcapital plc (AIM: DESC)
("designcapital" or "the Company")
Corporate Restructuring
designcapital plc (AIM: DESC), the AIM listed investment company
dedicated to high end contemporary furniture design, announces
that, following careful consideration, the Board has decided to
cease the trading activities of Artelano s.a. ("Artelano s.a."),
its Paris-based French subsidiary.
The rationale for this decision derives from the international
development strategy being implemented by designcapital for the
Artelano brand, which is now being driven and managed through
Artelano International Ltd ("Artelano International"),
designcapital's UK subsidiary that has a head office, and a
show-room currently under development in Mayfair, London.
Following the transfer of the Artelano brand and its contracts
with designers to designcapital pursuant to this strategy, it has
become increasingly apparent to the Board that maintaining the
operations of Artelano s.a. in Paris, which had undergone an 18
month restructuring under the French "redressement judiciaire"
process, had neither operational or strategic value to the
Group.
The winding up of the business will result in a termination of
the restructuring plan agreed as part of the "redressement
judiciaire" process, including the obligation on Artelano s.a. to
repay historical "frozen" trade liabilities amounting to
approximately GBP1.4 million.
It will also result in a non-cash provision being made against
designcapital's investment in Artelano s.a. of GBP2.0m in the
Company's accounts for the year ended 31(st) December 2010.
The Artelano brand and products will continue to be distributed
in France through the Company's Paris-based subsidiary, Forum
Diffusion, the well-known distributor of high-end design furniture
for both the home and office market.
Frederic Bobo, Executive Chairman commented,
"We believe that our strategy for the international development
of the Artelano brand and business are strengthened by the changes
announced today, which will result in a material reduction in costs
and cash outflows in France. We remain confident in meeting the
strategic and trading objectives we have for the Artelano brand
which will now be run out of our London-based subsidiary Artelano
International."
- ENDS -
Enquiries:
designcapital plc
Frederic Bobo - Executive Chairman Tel: +44 (0) 20 7554 8555
Mike Hosie - Chief Financial www.designcapitalplc.com
Officer
Strand Hanson - Nominated Adviser Tel:+44(0)20 7409 3494
Angela Peace
RSCF - Broker Tel +44 (0)20 7562 3350
Peter Greensmith
Peckwater PR
Tarquin Edwards Tel: +44 (0)7879 458 364
tarquin.edwards@peckwaterpr.co.uk
Notes to Editors
Artelano
The first business bought by designcapital, in February 2008,
was Artelano (www.artelano.com),
a creator of high end design/contemporary furniture. Created in
1972, Artelano is one of the most renowned French brands of high
end contemporary furniture. Artelano works closely with world class
designers such as Patricia Urquiola, Piero Lissoni, Christophe
Pillet, Olivier Gagnere, Marco Zanuso Jr., Eric Gizard, Shin Azumi,
Qiong-er Jiang, Francesc Rife, Carlo Tamborini and Marc Krusin, and
others and the brand has won a large number of international awards
such as the ICFF Editors Award, le Nombre d'Or, Elle Decoration,
Marie Claire Maison, etc.
Since the Design team took control it has added other
"signatures" to its portfolio including product from Ora Ito and
Patrick Naggar. Its collections include tables, chairs, sofas and
other pieces of furniture. It should be noted that Artelano is not
a manufacturer - the designcapital model is based on outsourcing
all manufacturing.
The manufacturing of Artelano's products is thus sub-contracted
in France or in Italy, in limited series, to skilled craftsmen who
bring high quality finishing to the creative mix of the
collections. Moreover, over the years, the company has fostered an
unconditional policy of fine materials selection and demanding
quality control processes.
Artelano products are mostly distributed through a selected
network of partner show-rooms located in more than forty countries
worldwide and the dedicated London showroom will mark a step change
in terms of international expansion.
Forum Diffusion
In Paris, Forum Diffusion, founded in 1977, advises and sells to
a wide range of private and public clients, such as the Assemblee
Nationale, Opera Bastille, Ministere de la Culture, Palais de
Justice, Richemont, France Telecom, Deutsche Bank, Suez-Lyonnaise,
ABN AMRO and most recently the Ministry of Foreign Affairs among
others. The directors of designcapital believe that a not
dissimilar customer-base can be secured by the business in the
UK,
As well as looking to sell product into the affluent and 'high
net worth' markets of London and the South East of England, Forum
intends to offer consultancy services and supply high end
contemporary furniture into the commercial market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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