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VSA Capital Group - Silverwood Brands PLC investment in Lush

Announcement provided by

VSA Capital Group plc · VSA

12/12/2022 07:05

VSA Capital Group - Silverwood Brands PLC investment in Lush
RNS Number : 3489J
VSA Capital Group PLC
12 December 2022


12 December 2022

VSA Capital Group plc

("VSA Capital Group", or the "Company")

Silverwood Brands PLC investment in Lush

VSA Capital Group notes the announcement today by Silverwood Brands plc ("Silverwood") on its acquisition of a 19.8% stake in Lush Cosmetics Limited ("LCL"), and Cosmetic Warriors Limited ("CWL"), together ("Lush"). Lush is a manufacturer and seller of fresh handmade skincare goods and cosmetic products. Lush operates retail outlets in 48 countries and has manufacturing facilities in 6 nations. It produces a wide range of beauty and personal care products using only vegetarian or vegan recipes. Lush has championed its ESG credentials and has continued to push a strong sustainability agenda across all areas of its business.  The Company's regulated subsidiary, VSA Capital Limited ("VSA") is the Aquis Corporate Advisor to Silverwood.

VSA had been engaged to advise Andrew Gerrie and Alison Hawksley (the "Lush Vendors") on this transaction for the past two years. To avoid a conflict of interest and ensure an arms-length independent transaction was undertaken in compliance with the Articles of Association of LCL and CWL, VSA recused itself from advising the independent directors of Silverwood Brands on their decision to acquire the shareholding in Lush. VSA did, however, fulfil its role as a Corporate Advisor to Silverwood by advising on Aquis regulatory issues and discussions with the Takeover Panel.

The Lush transaction value amounted to £216.8 million and the fee payable to VSA will have a materially positive impact on VSA Capital Group's results for the year ending 31 March 2023.

Andrew Monk, CEO of VSA Capital Group, said "This is a great deal for VSA to have advised on and it demonstrates the strength and depth of our investment banking capabilities.  This deal will also create long-term value for all parties. We recognise that there is strong loyalty to Lush and we want to help all stakeholders, especially customers and employees, reap the benefits of investing directly in this fast-growing brand by owning shares in Silverwood".     


For more information, please contact:


VSA Capital Group plc

+44(0)20 3005 5000

Andrew Monk, CEO

Andrew Raca, Head of Corporate Finance

Marcia Manarin, Finance Director



Alfred Henry - AQSE Corporate Adviser

+44 (0)20 3772 0021

Nick Michaels & Maya Wassink  


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