REG - Sanderson Design Grp - Transfer of Pension Scheme Liabilities

Sanderson DesignAnnouncement

19/06/2024 07:00

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RNS Number : 9506S  Sanderson Design Group PLC  19 June 2024

 19 June 2024

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

 Investec Bank plc (Nominated Adviser and Joint Broker)       +44 (0) 20 7597 5970
 David Anderson / Ben Farrow

 Singer Capital Markets (Joint Broker)                        +44 (0) 20 7496 3000
 Tom Salvesen / Jen Boorer / James Todd

 Burson Buchanan                                              +44 (0) 20 7466 5000
 Mark Court / Sophie Wills / Toto Berger / Abigail Gilchrist
 SDG@buchanan.uk.com (mailto: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
(http://www.sandersondesigngroup.com)

 

 

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