Huddled Group plc
("Huddled", the "Company" or the
"Group")
Acquisition of the remaining 25% of Boop
Beauty Limited
Huddled Group plc (AIM:HUD), the circular
economy e-commerce group, has, following negotiation with Boop
Beauty Limited's ("Boop Beauty") founder, Yasmine Amr, agreed
to acquire the remaining 25% of the equity in Boop Beauty, taking
the Company's ownership to 100% (the "Acquisition").
The Board of Huddled has been encouraged by
Boop Beauty's trading thus far and feel full ownership better
justifies the allocation of additional resources to the business in
order to fuel its continued growth.
The agreed consideration for the Acquisition is
£100,000 which will be satisfied by the issue of 3,248,863 new
Ordinary Shares1 in Huddled Group plc (the "New Ordinary
Shares"), which will be issued by no later than 27 May 2025. Upon
admission to trading on AIM, these shares will be subject to a six
month lock-in followed by a twelve month orderly market
agreement.
Further announcements will be made in due
course in relation to the admission of the New Ordinary Shares to
trading on AIM.
About Boop
Beauty
Founded by Yasmine Amr in 2023, Boop Beauty
emerged as a distinctive circular economy e-commerce business in
the beauty and cosmetics sector. Drawing from her experience as an
in-house counsel at L'Oreal, Yasmine identified a compelling
opportunity in the beauty industry, to create a direct-to-consumer
platform specialising in premium excess inventory.
Boop Beauty has not only created a new channel
for beauty brands but has also made luxury beauty products more
accessible to consumers while reducing waste in the beauty
industry. Boop Beauty was recently awarded the 2024 Marie Claire
Sustainability Award for Best Small Business: Multi-Brand Retailer,
recognising its contribution to sustainable retail
practices.
Rationale for
the Acquisition
The Acquisition represents a strategic step in
Huddled accelerating Boop Beauty's growth trajectory. Exchanging
the remaining 25% of Boop Beauty for Huddled Group plc shares
allows Yasmine to stay actively engaged whilst full ownership will
enable Huddled to justify making additional investments in
inventory and marketing initiatives, which we believe are key to
capturing the significant market opportunity ahead.
Yasmine Amr will continue to contribute her
valuable industry expertise and vision as a non-executive director
of Boop Beauty.
We look forward to updating the market on Boop
Beauty's progress as part of a Group trading update early in the
new year.
Martin
Higginson, Huddled Group plc CEO said:
"We see the acquisition of
the remaining 25% stake in Boop Beauty as a significant development
of our portfolio of circular economy brands, and we look forward to
working with Yasmine to realise Boop Beauty's full
potential."
Yasmine Amr,
Founder of Boop said: "I'm thrilled
by the success and growth we've seen to date at Boop Beauty within
a short period, and I believe with additional investment from
Huddled, we will see even more success in the coming months. I look
forward to continuing Boop Beauty's journey with Huddled as a
shareholder and growing the business further alongside the Huddled
team."
1ordinary shares of
0.040108663 pence each in the Company ("Ordinary
Shares")
Enquiries:
For further information please
visit www.huddled.com/investors, or contact:
|
Huddled Group
plc
Martin Higginson
Daniel Wortley
|
investors@huddled.com
|
|
Zeus
(Nominated Adviser and Sole Broker)
Nick Cowles, James Hornigold, Alex
Campbell-Harris
Dominic King
|
Tel + 44 (0)
203 829 5000
(Investment Banking)
(Corporate Broking)
|
|
Alma Strategic
Communications (Financial PR)
Rebecca Sanders-Hewett
Sam Modlin
Kieran Breheny
|
huddled@almastrategic.com
|