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:
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Sanderson Design Group PLC
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c/o Buchanan +44 (0) 20 7466
5000
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Lisa Montague, Chief Executive
Officer
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Mike Woodcock, Chief Financial
Officer
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Investec Bank plc (Nominated Adviser and Joint
Broker)
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+44 (0) 20 7597
5970
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David Anderson / Ben
Farrow
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Singer Capital Markets (Joint Broker)
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+44 (0) 20 7496
3000
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Tom Salvesen / Jen Boorer / James
Todd
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Burson Buchanan
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+44 (0) 20 7466
5000
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Mark Court / Sophie Wills /
Toto Berger / Abigail Gilchrist
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SDG@buchanan.uk.com
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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