NBG AND H&B MERGER TALKS UPDATE

29 June 2017

The following statement has been issued by the Executive Board of NBG:

"The Boards of NBG and H&B can confirm that they have ended discussions around a potential merger of the two organisations.

This decision follows consultation with both memberships.

Whilst we believed that there were some clear benefits to proceeding with a merger, we decided that on balance those benefits were outweighed by other considerations. These factors were both operational and cultural, with us recognising that there were significant differences between NBG and H&B.

Discussions between the two groups have been warm and constructive throughout – and we see every reason why this cordial relationship should continue, albeit not in a newly merged organisation.

At NBG, we are confident that the organisation remains a strong, well organised and highly successful buying group.

We will continue to explore fresh opportunities and remain open-minded about potential future partnerships."

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