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[June 2000]
Royal Doulton sells Royal Crown Derby
Royal Crown Derby to be sold to its management. Royal Doulton to receive £16.5M in cash (before expenses). Royal Doulton to retain exclusive rights to distribute Royal Crown Derby products in certain key markets and sales channels for initial period up to 10 years.
Royal Doulton Chairman, Hamish Grossart, commented:
"We are delighted to have secured a sale of Royal Crown Derby on terms which reflect the full value of the business. This is hard evidence of the potential value available within the group's stable of brands once the restructuring process is complete".
Royal Crown Derby Managing Director, Hugh Gibson, commented:
"We are pleased to have secured a stable future for Royal Crown Derby, its customers and employees under existing management as an independent company. We are equally pleased to have been able to continue distributing through Royal Doulton's extensive global network".
ENDS