The directors present the strategic report for the period ended 29 December 2024.

The company operates a freehold bakery producing lovingly handmade cakes and pastries. Its products are sold through three channels:

-    ecommerce via the company’s website and other online retailers

-    retail via cake shops operated either by the group or third-party franchisees

-    wholesale via partners which retail the company’s products to their customers

During the financial period ended 29 December 2024, overall revenue decreased by 6% on a comparable basis.

The ecommerce channel achieved impressive growth, generating £4.6m in revenue for the nine-month period—up 15% from the prior year comparative (£4m). Its share of the sales mix expanded significantly to 58%, compared to 50% in 2024. This success was supported by an enhanced product portfolio, including ambient letterbox items, which broadened price points and unlocked efficiencies through reduced delivery costs.

Retail revenue declined due to a strategic pivot from a company-operated store estate to a franchise first model.

Gross margin pre-exceptional cost of sales decreased by 2.85 percentage points to 31.76% primarily arising from the changing sales mix.

Looking to the future, the business is focused on developing new opportunities for more people to enjoy the company’s handmade cakes and pastries. This will be done by creating new, convenient ways for customers to buy across all three channels and by introducing new handmade products for different occasions.

The directors recognise that exposure to certain risks and the company’s ability to manage them will influence how successful the business is. The following matters are considered by the directors to be the principal risks:

The impact of the current and future economic downturns and rising inflation costs is also a risk to the business. Having a diverse product offering with multiple price banding options enables the business to cater to all customer profiles.

Our vertically integrated business model along with careful procurement and fixed term pricing contracts protects the business from large unseen cost price increases.

Patisserie Valerie recognises the importance of reducing its impact on the environment, its broader social responsibilities and seeks to maintain appropriate standards of governance for a business of its size. These matters are reviewed and regularly discussed by the directors at board meetings. The group made considerable progress on a number of ESG matters during the financial year and during the subsequent period. The directors plan to include a more detailed summary of these initiatives in future annual report and accounts.

On behalf of the board

The directors present their annual report and financial statements for the period ended 29 December 2024.

The principal activity of the company is the manufacture and distribution of high end patisserie through various sales channels. These being Patisserie Valerie branded cafes and restaurants, direct to consumer through Patisserie Valerie online and wholesale product.

The loss for the period, after taxation, amounted to £1,189,976 (31 March 2024 profit: £2,744,469). The directors do not recommend the payment of a dividend.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

The directors remain focused on the company’s long-term growth strategy. Over the next 12 months, we aim to increase our market share by launching new product lines and strengthening our digital presence through targeted marketing campaigns.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors have prepared the financial statements on a going concern basis. In reaching this conclusion, the directors have reviewed the company and group’s current trading performance, cash flow forecasts to December 2028, available banking and commercial facilities, and the continued support of its primary shareholder. Having completed this assessment and taking into account the actions taken after the period end and the funding arrangements in place, the directors are satisfied that the company and group have access to sufficient resources to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements.

The company recorded a net loss before tax of £1.8m and has net liabilities of £19.5m.

The directors have assessed the ability of the company and group to continue as a going concern through detailed forecasts to December 2028. The group forecasts for the 12-month period to 31 December 2026 shows an EBITDA of £0.8m and a net loss before tax of £2m. Shareholder loan interest accrued for the 12-month period totals £2.5m.

Subsequent to the year end the group has repaid its £1.25m loan facility to external lenders, utilising the company's business interruptions insurance claim relating to COVID-19 along with a working capital facility from its online retailer, which is repaid from future sales receipts. The Group continues to explore additional funding options in addition to the above.

In addition, the group’s primary shareholder, Causeway Capital Partners I LP, has confirmed that it does not intend to call its shareholder loan including accrued interest within 12 months of the date of these financial statements.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Patisserie Valerie Production Limited (the 'company') for the period ended 29 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 29 December 2024 and of its loss for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Patisserie Valerie Production Limited is a private company limited by shares incorporated in England and Wales. The registered office is 146-156 Sarehole Road, Birmingham, B28 8DT.

The financial statements are for a period of 39 weeks ended 29 December 2024 (2024: 52 week period ended 31 March 2024).

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Flour Power Group Limited. These consolidated financial statements are available from its registered office, 146 - 156 Sarehole Road, Birmingham, England, B28 8DT.

The directors have prepared the financial statements on a going concern basis. In reaching this conclusion, the directors have reviewed the company and group’s current trading performance, cash flow forecasts to December 2028, available banking and commercial facilities, and the continued support of its primary shareholder. Having completed this assessment and taking into account the actions taken after the period end and the funding arrangements in place, the directors are satisfied that the company and group have access to sufficient resources to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements.

The company recorded a net loss before tax of £1.8m and has net liabilities of £19.5m.

The directors have assessed the ability of the company and group to continue as a going concern through detailed forecasts to December 2028. The group forecasts for the 12-month period to 31 December 2026 shows an EBITDA of £0.8m and a net loss before tax of £2m. Shareholder loan interest accrued for the 12-month period totals £2.5m.

Subsequent to the year end the group has repaid its £1.25m loan facility to external lenders, utilising the company's business interruptions insurance claim relating to COVID-19 along with a working capital facility from its online retailer, which is repaid from future sales receipts. The Group continues to explore additional funding options in addition to the above.

In addition, the group’s primary shareholder, Causeway Capital Partners I LP, has confirmed that it does not intend to call its shareholder loan including accrued interest within 12 months of the date of these financial statements.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

• The company has transferred the significant risks and rewards of ownership to the buyer;

• The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• The amount of turnover can be measured reliably;

• It is probable that the company will receive the consideration due under the transaction;

• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in and first out basis. Finished goods include labour and overheads.

At each statement of financial position date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

At each period end, foreign currency monetary items are translated using the closing rate. Non - monetary items are measured at historical cost are translated using the exchange rate at the date of transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Exceptional items are those that the company considered to be non-recurring and significant in size or nature.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

An analysis of the company's turnover is as follows:

During the year the company incurred total costs of £117,768 relating to redundancies and the potential business interruption claim,

The average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

The actual charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:

At the year end the company has an unrecognised deferred tax asset of £2,750,667 (31 March 2024 - £2,426,577) as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. The deferred tax asset relates to trading losses (£1,874,456), unpaid interest (£533,748), goodwill amortisation (£358,192) and other timing differences (credit £15,729).

Shareholder loans payable to Causeway Capital are repayable on demand at the earliest of September 2022 however formal confirmation has been received that the loans will not be recalled for repayment for a period of at least twelve months from the date of signing the financial statements and the period end of 29 December 2024. Shareholder loans attract an interest rate of 12% above the Bank of England base rate.

Causeway Capital Partners I LP are a secured creditor by way of a charge over the Group's tangible fixed assets, current assets, investments and proceeds from any insurance policy claims and rank ahead of any unsecured creditors.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company contributes to company personal pensions schemes in respect of their employees. The schemes' funds are independent of the company's finances. Premiums are charged against the statement of comprehensive income in the period in which they are payable. At 29 December 2024, there were outstanding pension contributions of £3,632 (31 March 2024 - £13,200). There was a pension expense in the period of £30,005 (31 March 2024 - £44,873).

Intercompany assets are also held as security for the group's CBILS borrowings.

At the year end the company was in the process of filing a business interruption claim with its insurers in relation to COVID-19. Post year end the company has agreed and received a settlement of £750,000, which will be recognised at the point the agreement was signed

During the period the company entered into transactions in the ordinary course of business with a company related through a common shareholder. Transactions entered into and trading balances outstanding at 29 December 2024 were as follows:

The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions and balances with wholly-owned subsidiaries, as they are included in the consolidated financial statements of Flour Power Group Limited.

Flour Power Holdco Limited is the immediate parent undertaking, a company registered in England and Wales. Flour Power Group Limited is the largest group for which consolidated accounts are prepared. Flour Power Group limited is a company registered in England and Wales. A copy of the group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The ultimate parent undertaking is Causeway Capital Partners I LP, a Limited Partnership registered in Ireland. There is no ultimate controlling party.