Savor completes acquisition, announces Director changes

Savor Limited (NZX: SVR) ("Savor" or "the Group"), is pleased to announce that it has now completed the acquisition of Hipgroup venues; Amano, Ortolana and The Store. Savor is now well advanced with its growth strategy implemented by the Board two years ago, resulting in a strengthened balance sheet and positioning the business well for future expansion. Savor's two-fold growth strategy will focus on opportunities to build on existing brands, throughout New Zealand, as well as acquiring new sites. Directorate changes The Company has conducted a review of its Board composition and is pleased to announce the following changes to the Board. The Company has accepted the resignations of Non-Executive Director, David Poole, and Independent Directors Sheena Henderson and Rich Frank and announces the appointment of two new Independent Directors, Ryan Davis and Louise Alexander. All director changes are effective immediately. The Board offers its sincere thanks to the outgoing Board members for their long standing dedication and contribution to the Group, particularly as the Group navigated the challenges of the pandemic over the last 12 months. As a result of the review, Savor's Chairman, Geoff Ross, announces he will retire from the Board as the Group continues to set the new direction for the business. Mr. Ross will continue in his role to ensure an orderly transition until the release of the annual financial statements at the end of May 2021. Once convened, the new Board will elect a Chairman to replace Mr. Ross. Executive Directors, Paul Robinson and Lucien Law, will continue in their respective director and executive roles, with their hospitality experience invaluable for growing the business to its full potential. Ryan Davis is the founder and Managing Director of GreenMount Advisory based in Sydney, Melbourne and Auckland, established in September 2018. Prior to this, Ryan was a Senior Partner and Asia-Pacific Private Equity Tax Leader for EY, after joining EY in 2011. Ryan has been the lead Partner on some of Australia and New Zealand's largest private equity transactions with over 20 years' experience advising global and domestic clients on mergers, acquisitions, and divestments. Ryan's extensive experience in strategic transactions and strong financial background will prove vital as the Group continues to execute its growth strategy. Ryan is a Chartered Accountant and will assume the role of Chair of the Audit and Risk Committee. Louise Alexander is a senior HR practitioner and people leader and is currently the HR Director for Bell Gully, a role which she has held since 2015. Louise has developed and led Bell Gully's HR strategy over that time, focusing on communication, diversity and culture, and supporting and developing people through the talent management programme. Louise has a passion for the not for profit sector, with both management and governance roles in various organisations throughout her career. Louise brings a critical skillset to Savor, where the success of the Group is driven by its teams in the venues. Savor continues to look for innovative ways to develop and reward our teams, and Louise's appointment will bring strength to continuing that process. Louise will assume the role of Chair of the People & Culture Committee. The Board has determined that Ryan and Louise will be Independent Directors. Geoff Ross, Chairman of Savor Limited, said: "We are very pleased to have achieved the successful completion of this transaction which gives the Group expected annual revenue of $50 million. Savor has become considerable larger in scale, profit and balance sheet as it has honed in its focus on hospitality, subsequently giving rise to a strategic review of the Board. As such, it was a pleasure to announce the appointment of Ryan and Louise as Independent Directors joining the Savor Board today. Their skills are critical for the next stage of the Group's growth and allow this to be accelerated further. The existing Directors believe the execution of strategy over the last two years has been a strong advancement for the company and have turned their focus to the next era of growth that lies ahead under the leadership of Lucien Law and the expert management team. I would like to extend my sincere gratitude to the outgoing Board members and their role in the achievements of the Company. "I look forward to working with our new Directors over the coming weeks to ensure a smooth transition into the development of the next stage of growth plans. Alongside the other outgoing Directors, I look toward to being supportive shareholders of this growing and dynamic hospitality company." - ENDS - Investor Enquiries Geoff Ross Chairman, Savor Group Limited Mobile: 021 424 219 Media Enquiries Renee Bertuch, Cannings Strategic Communications Mobile: +61 409 550 389 About Savor Group Savor Group, established in 2011, is one of New Zealand's largest hospitality businesses with 10 iconic venues in Auckland, including Azabu Ponsonby, Azabu Mission Bay, Ebisu and Non Solo Pizza, each with its own unique concept, culture and offering. Savor has a reputation for originality, the quality of its products and the high standard of service that is consistent across the company portfolio. End CA:00370364 For:SVR Type:MKTUPDTE Time:2021-04-08 15:36:38