Banyan Tree – collaborations with AccorHotels and Vanke may spark re-rating (17 Apr 17)

Banyan Tree recently clinched two noteworthy strategic partnership with AccorHotels and Vanke on 8 Dec 2016 and 23 Jan 2017 respectively. Since 23 Jan 2017, Banyan has largely traded between $0.465 – 0.530. It closed at $0.510 on 17 Apr 2017.

If a company can catch the eyes of China’s largest property player Vanke and Europe’s largest hotel group / the world’s fifth largest hotel group AccorHotels, there must be some merit to it. I have managed to fix an exclusive 1-1 meeting with Mr Eddy See, Group MD and Mr Clement Ong, Head of Strategic Planning & Investment (“Management”) to understand more about their company and prospects.

Let’s take a closer look at Banyan Tree’s recent developments.

 

Strategic partnership with Vanke

Based on 23 Jan 2017 press release (click HERE), Banyan Tree and Vanke have agreed to create Banyan Tree China (BTC), a new joint venture between Banyan Tree and Vanke, to consolidate the ownership of Banyan Tree-branded hotels and assets in China. There are several interesting aspects in this collaboration.

a) Valuation gains from disposal of assets to BTC

BTC will initially be controlled 50:50 by Banyan Tree and Vanke through the injection by Banyan Tree of all its China-owned assets into BTC at valuation, which is to be confirmed by an independent valuation methodology. The current book value of these assets (before valuation) is approximately RMB720 million and there may be valuation gains to be booked from the disposal of assets to BTC. In my opinion, there is a likelihood that a portion of the cash obtained from the sale of assets to BTC may be given out to shareholders in the form of dividends.

b) Strengthens the Group’s presence in China

Besides consolidating Banyan Tree’s assets into BTC, Vanke may also inject hotels it owns as well as future hotels under development into BTC. BTC will also own 40% of Banyan Tree’s hotel management company in China and continue the rapid expansion of the various brands under the Banyan Tree Group, namely Banyan Tree, Angsana, Cassia, Dhawa and Laguna.

In addition, BTC will also be the development and management platform for new projects by both parties in hospitality, senior-living and wellness.

c) Clinches a strategic partner as anchor investor

Banyan Tree agrees to issue shares to Vanke in connection with the collaboration by private placement of an aggregate principal amount of S$25 million, subject to the fulfilment of certain conditions precedent. The placement price is S$0.60 per share, or such minimum price required by applicable law and the listing rules of the SGX-ST. Banyan Tree also agrees to grant an option to Vanke to further purchase such number of shares between 5% – 10% of the enlarged share capital of Banyan Tree (the percentage to be determined by Banyan Tree) on a fully diluted basis, at a placement price equivalent to 115% of the volume weighted average price for trades done on the shares on the Main Board of the SGX-ST for the 90 consecutive trading days immediately preceding the exercise of the option (subject to compliance with applicable law and the listing rules of the SGX-ST).

In view of the above, Vanke will become a strategic investor and partner in Banyan Tree. It is likely that there may be cross selling opportunities as Vanke’s strong database of 9 million home owners will provide potential source of customers to Banyan Tree’s hotels, spas and property sales.

d) Possibility of spinning BTC to unlock shareholder value

The amount of initial paid-up capital of BTC is estimated to be no more than RMB2,000 million. As BTC grows, Banyan Tree does not dispel the possibility that they may spin off BTC on other stock exchanges such as Hong Kong or Shenzhen in the medium term.

Readers can view the detailed partnership announcement HERE.  

 

Strategic partnership with AccorHotels

Based on 8 Dec 2016 press release (click HERE), under a long-term partnership, AccorHotels will invest an initial SGD 24 million in Banyan Tree via a mandatory convertible debenture that at conversion will give AccorHotels an approximately 5% stake in Banyan Tree. The strike price for the convertible debenture is around S$0.60 subject to certain conditions (click HERE for the detailed partnership announcement).  AccorHotels has an option to purchase an additional approximately 5% stake.

With this collaboration, both AccorHotels and Banyan Tree intend to collaborate to develop and manage Banyan Tree branded hotels and residences globally (excluding certain territories exclusive to BTH). Banyan Tree will also have access to AccorHotels’ global reservations and sales network, as well as its loyalty programme Le Club AccorHotels. Furthermore, Banyan Tree may benefit from lower charges when dealing with online travel agencies. Based on an interview with The Mint, India dated 23 Mar 2017, AccorHotels is planning to introduce Banyan Tree to India.

Based on the above, the above collaboration with AccorHotels seems to be very beneficial to Banyan Tree.

 

Brand value accounts for 17-18% of Banyan Tree’s total business

Based on an article in Nikkei Asian Review dated 23 Feb 2017, Samir Dixit, Asia Pacific managing director at Brand Finance postulates that Banyan Tree’s brands may be worth approximately 17%-18% of the total value of Banyan Tree’s business. This far exceeds the 8%-12% for the average Asian brand.

 

Potential privatisation candidate

Based on its latest annual report 2016, both Chairman Ho KwonPing and Qatar Investment Authority own approximately 66% of Banyan Tree. In a DBS Research article dated Mar 2016, DBS pointed out that Banyan may be a privatisation play. My personal view is that, in the long term, if the company continues to trade at persistently low valuations, there may be a possibility that Banyan Tree may be privatised and re-list on some other exchanges which can appreciate Banyan Tree’s business and brand value.

It is noteworthy that Chairman Ho has been acquiring shares from the open market from Feb 2016 to Mar 2016 with his purchase price reaching as high as $0.590.

Table 1: Share purchases by Chairman Ho

Table 1_Purchases by Chairman Ho

Source: Company, Ernest’s compilations

 

Some noteworthy points

Have been loss-making for the past two years

Banyan Tree has registered losses in FY15 and FY16. Management highlighted that for their business model, it is more representative to focus on their earnings before interests, taxes, depreciation and amortisation (“EBITDA”), instead of their net profit after tax. This is because for their business model, they incur high depreciation and interest expense. Furthermore, for their property sales segment, they can only recognise revenue on completion but expenses are billed regularly as and when incurred.

Given that Banyan Tree has been loss making for the past two years based, it is noteworthy that both AccorHotels and Vanke still sign binding term sheets with Banyan Tree. Thus, it is likely that both AccorHotels and Vanke place more emphasis on Banyan Tree’s brand name, competency of Banyan Tree’s management and their future (potential) synergistic benefits.

Legal suit

There has been a long outstanding legal suit on Banyan Tree’s subsidiary companies and directors (click HERE). However, management assured that to their knowledge, this is the only legal suit against them (where they are the defendants). Furthermore, there is no financial impact on them as the Appeal Court ruled that they have not unlawfully used the land so they do not have to compensate the plaintiffs. Furthermore, the Appeal Court dismissed the suit against directors of the company.

No analyst coverage

There has been no rated analyst coverage on Banyan Tree for years as some analysts have ceased coverage. This may be due in part to the illiquidity of Banyan Tree’s shares, coupled with the losses generated for the past two years. This may change once Banyan Tree’s collaborations with AccorHotels and Vanke gain traction.

 

Valuation

Banyan Tree’s average price to book (“P/BV”) is around 0.77x for the past five years. It is trading around 0.67x P/BV to its book value of around $0.740. It is noteworthy that its book value may increase with the disposal of assets to BTC even after taking into account of the private placement of an aggregate principal amount of S$25 million to Vanke. If Banyan Tree were to revert to its average 0.77x P/BV, this would translate to around $0.570.

Figure 1: Banyan Tree’s P/BV ratio for the past five years

banyan tree price book past 5 years 17 Apr 17

Source: Bloomberg

 

Chart analysis

Since Dec 2016, Banyan tree seems to be on an uptrend, evidenced by its rising exponential moving averages (EMAs) and golden crosses. 20D EMA has pulled apart from 50D EMA after converging. Amid positively placed direction indicators, ADX closes at 38 on 17 Apr 2017, indicative of a trend. OBV is trending higher but it is still below the high registered in Feb 2017. RSI is not overbought yet and closes at 61 on 17 Apr 2017. Since 23 Jan 2017, Banyan has largely traded between $0.465 – 0.530. A sustained break above $0.530 with volume expansion points to an eventual measured technical target of around $0.600. A sustained break below $0.465 points to an eventual measured technical target of around $0.400. Given the current information, the odds of an upside breakout outweigh that of a downside breakdown.

Near term supports: $0.500 / 0.495 / 0.490

Near term resistances: $0.530 / 0.540 / 0.560 – 0.565

Chart 1: Seems to be on an uptrend since Dec 2016

Banyan Tree chart as of 17 Apr 17

Source: Chartnexus 17 Apr 2017

 

Conclusion

Although Banyan Tree’s collaborations with China’s largest property player Vanke and Europe’s largest hotel group / the world’s fifth largest hotel group AccorHotels may take some time for the benefits to flow down to its bottom-line, these developments definitely bear watching.

This is just a brief description of Banyan Tree. Readers are advised to refer to Banyan Tree’s website (click HERE) and its announcements on SGX for more information.

 

P.S: I am vested. Do note that as I am a full time remisier, I can increase / reduce my positions / holdings fast to capitalize on the markets’ movements. Furthermore, I wish to emphasise that I have a high risk appetite. Please refer to the disclaimer below.

 

Disclaimer

Please refer to the disclaimer HERE

 

69 thoughts on “Banyan Tree – collaborations with AccorHotels and Vanke may spark re-rating (17 Apr 17)

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  5. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

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  7. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  8. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  9. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  10. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  11. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  12. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  13. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  14. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  15. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  16. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  17. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  18. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  19. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  20. Where can you find some of the best tasting CBD gummies in the UK? Easy, you can find them all here on Orange County CBD. Our range of CBD gummy bears and CBD sweets are a delicious and discreet way to get your daily dose of CBD. We stock only vegan CBD gummies, making them accessible to everyone! What Are CBD Gummies? CBD gummies pair all the benefits of CBD with the great taste of gummy sweets. Made using our multi-award-winning CBD and the finest, vegan-friendly gummy recipes, our CBD gummies are the easy to dose, easy to take and undeniably delicious – making them the perfect choice for newbies! How many CBD gummies should I eat? All of our CBD gummy sweets come with a recommended dose right on the label. However, the number of gummies you take in a single session may vary depending on your own health and wellness goals. Your metabolism, body weight and even your diet will all determine how many you’ll need to feel the effects, but our CBD gummies are a super easy way to find the right dose for you. What is CBD used for? Popular uses include helping to maintain a good sleep wake cycle,easing tension in overworked limbsand assisting in pain management. It also helps for maintaining focus and taking the edge off of the most stressful days. How long does it take for CBD to work? CBD gummies are edibles, meaning that they need to pass through the digestive system before taking effect. This means that it takes longer for the effects of a CBD gummy to take effect, anywhere between 30 minutes and 2 hours in most cases.This slower release means that the effects of edibles last longer, often for three to four hours after dosing. It also means that the effects of the CBD are spread all throughout the body, helping to ease tension everywhere. How will CBD make me feel? BD gummies bring a sense of relaxation, an easing of tension and a soothing of pains. This happens because the CBD within the gummies binds with endocannabinoid receptors – a naturally occurring series of receptors found on organs all across the human body. This action is what gives CBD it’s famously smooth and relaxing impact. CBD gummies are one of the easiest and most straightforward ways of getting this signature kick. Do you sell Vegan CBD gummies? Orange County is proudly plant-powered: all our CBD Edibles are made from 100 vegan ingredients. You can enjoy the succulent taste of juicy Cherries, Peaches and Strawberries without compromising your ethics or dietary preferences. Plus, our CBD oil is sourced from 100 organically-grown hemp. Our vegan-friendly CBD edibles are made with top-quality ingredients and packed with organic broad-spectrum CBD. Are your CBD gummies halal/kosher? Halal roughly translates to ‘lawful’ or ‘permissible’ in English: this is a term used in the Quran to describe practices that adhere to Islamic law. Under Islamic practices, substances that ‘curtain the mind’ are considered the opposite of Halal, otherwise known as Haram, meaning ‘impermissible’ or ‘unlawful’. THC is considered Haram, as it is an intoxicating substance. However, CBD has no psychoactive properties. Here at Orange County, our products are sent off for third-party laboratory testing to ensure the level of THC is undetectable. Therefore, our CBD gummies are halal. ‘Kosher’ is a term used in Judaism to describe strict dietary rules. Outlined in the Torah, Kosher laws dictate that those practising Judaism should not consume gelatin, which is made from the bones and ligaments of cows and pigs.

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  22. Getting your daily dose of CBD has just got even easier with SupremeCBD thanks to our range of mouth watering CBD Gummies. Our CBD Gummies are designed to be easy to take, easy to store, and easy to have while you’re out and about. All you have to do is simply pop your grab bag or tub in your bag for easy reach when you need them most. And because our gummies are the size of most jelly sweets, they’re the perfect addition to your morning routine and easy to take. CBD Gummies are also one of the best ways to take your CBD safe in the knowledge that they’ll be working their magic and providing beneficial goodness for hours. Our Grab Bags Are Perfect For Taking CBD Gummies On The Go If you have a busy lifestyle – family, work, kids – it’s easy to forget about taking your CBD when you need it, which is why we have you covered. To make it easy to get your regular dose of CBD you can now buy our CBD gummies in handy grab-bags, as well as our recyclable tubs. And not only that, we now offer an amazing variety of delicious flavours and shapes, ranging from worms and strawberries, to our mouth watering cherries and bears. So now you never need a reason to miss your CBD, all you have to do is pop them in your hand bag, gym bag, or even pop them in your pocket and you’ll always have them within reach, ensuring you never miss your dose. How Many Gummies Can You Take? This is a question we get asked a lot. Understanding the right amount of CBD gummies you should take depends on a couple of factors, 1) Your desired effect 2) your individual tolerance and body weight. At SupremeCBD we understand that everyone’s needs and preferences are unique which is why we put together this handy blog: “how many gummies should I eat?”. But if you’re looking for a quick answer, we recommend starting with one gummy and waiting for about an hour to see how it affects you. If you feel the need to increase your dosage try taking another edible until you find an amount that works for you. One thing you can be sure of is that each of our CBD gummies are carefully made to offer you a delicious, and enjoyable way to maintain your overall physical and mental well-being. If you have any questions feel fee to contact our team. Alternatively you can always consult with a healthcare professional if you have any concerns or are unsure about the right dosage for you. 100 Gluten Free and Vegan CBD Gummies Did we forget to mention that our CBD edibles can be enjoyed by all? Whether you have an intolerance to gluten or you are vegan, we have made sure you can still enjoy our delicious range of CBD gummies. All of our gummies are 100 gluten-free and vegan, making them a perfect choice if you have specific dietary requirements. Looking after all of our customers is important to us which is why we have meticulously crafted our edibles to provide you with a guilt-free way to enjoy the benefits of CBD everyday. Our Customers and Ambassadors Love Our CBD Gummies

  23. CBD Gummies – Cannabidiol Gummies Discover the pinnacle of CBD indulgence with CBD Guru’s exquisite CBD Gummies. Crafted with precision and care, our premium CBD Gummies UK are designed to elevate your wellness routine to new heights. Immerse yourself in a world of natural relief and delightful flavours, all packed into each delicious gummy variety. At CBD Guru, we take pride in sourcing the highest-quality hemp extracts to create products that transcend ordinary CBD edibles. Our CBD Gummies are meticulously formulated to provide a consistent and reliable CBD experience, ensuring you receive the full benefits of this remarkable compound. CBD sweets and gummies are precisely as they sound – delicious gummy sweets that deliver cannabidiol. They can be infused with a variety of CBD infusions, ingredients, and flavours. The design can be simple, extravagant, decadent, and everything in between. When it comes to choosing the best CBD sweets & edibles, you’ll have to take the time to find ones that speak to your taste buds. Premium Quality: We use only the finest hemp extracts, ensuring a pure and potent CBD product. Delicious Flavours: Indulge in a variety of mouth-watering flavours that make incorporating CBD into your routine a tasty delight. Trusted Transparency: With CBD Guru, you can trust the transparency of our products. Our products are third-party lab tested for quality and potency. Wellness Beyond Ordinary: Elevate your well-being with the natural benefits of CBD, known for its potential to support relaxation and balance.

  24. These reputable brands are recognised for their dedication to quality, transparent sourcing and manufacturing practices, as well as positive feedback from customers. However, it is vital to consider that the optimal selection for you may be influenced by your personal preferences and specific necessities.It’s advisable to explore different brands and read reviews to find the best CBD Gummies that align with your needs and taste preferences. 

  25. Where can you find some of the best tasting CBD gummies in the UK? Easy, you can find them all here on Orange County CBD. Our range of CBD gummy bears and CBD sweets are a delicious and discreet way to get your daily dose of CBD. We stock only vegan CBD gummies, making them accessible to everyone! What Are CBD Gummies? CBD gummies pair all the benefits of CBD with the great taste of gummy sweets. Made using our multi-award-winning CBD and the finest, vegan-friendly gummy recipes, our CBD gummies are the easy to dose, easy to take and undeniably delicious – making them the perfect choice for newbies! How many CBD gummies should I eat? All of our CBD gummy sweets come with a recommended dose right on the label. However, the number of gummies you take in a single session may vary depending on your own health and wellness goals. Your metabolism, body weight and even your diet will all determine how many you’ll need to feel the effects, but our CBD gummies are a super easy way to find the right dose for you. What is CBD used for? Popular uses include helping to maintain a good sleep wake cycle,easing tension in overworked limbsand assisting in pain management. It also helps for maintaining focus and taking the edge off of the most stressful days. How long does it take for CBD to work? CBD gummies are edibles, meaning that they need to pass through the digestive system before taking effect. This means that it takes longer for the effects of a CBD gummy to take effect, anywhere between 30 minutes and 2 hours in most cases.This slower release means that the effects of edibles last longer, often for three to four hours after dosing. It also means that the effects of the CBD are spread all throughout the body, helping to ease tension everywhere. How will CBD make me feel? BD gummies bring a sense of relaxation, an easing of tension and a soothing of pains. This happens because the CBD within the gummies binds with endocannabinoid receptors – a naturally occurring series of receptors found on organs all across the human body. This action is what gives CBD it’s famously smooth and relaxing impact. CBD gummies are one of the easiest and most straightforward ways of getting this signature kick. Do you sell Vegan CBD gummies? Orange County is proudly plant-powered: all our CBD Edibles are made from 100 vegan ingredients. You can enjoy the succulent taste of juicy Cherries, Peaches and Strawberries without compromising your ethics or dietary preferences. Plus, our CBD oil is sourced from 100 organically-grown hemp. Our vegan-friendly CBD edibles are made with top-quality ingredients and packed with organic broad-spectrum CBD. Are your CBD gummies halal/kosher? Halal roughly translates to ‘lawful’ or ‘permissible’ in English: this is a term used in the Quran to describe practices that adhere to Islamic law. Under Islamic practices, substances that ‘curtain the mind’ are considered the opposite of Halal, otherwise known as Haram, meaning ‘impermissible’ or ‘unlawful’. THC is considered Haram, as it is an intoxicating substance. However, CBD has no psychoactive properties. Here at Orange County, our products are sent off for third-party laboratory testing to ensure the level of THC is undetectable. Therefore, our CBD gummies are halal. ‘Kosher’ is a term used in Judaism to describe strict dietary rules. Outlined in the Torah, Kosher laws dictate that those practising Judaism should not consume gelatin, which is made from the bones and ligaments of cows and pigs.

  26. CBD Gummies – Cannabidiol Gummies Discover the pinnacle of CBD indulgence with CBD Guru’s exquisite CBD Gummies. Crafted with precision and care, our premium CBD Gummies UK are designed to elevate your wellness routine to new heights. Immerse yourself in a world of natural relief and delightful flavours, all packed into each delicious gummy variety. At CBD Guru, we take pride in sourcing the highest-quality hemp extracts to create products that transcend ordinary CBD edibles. Our CBD Gummies are meticulously formulated to provide a consistent and reliable CBD experience, ensuring you receive the full benefits of this remarkable compound. CBD sweets and gummies are precisely as they sound – delicious gummy sweets that deliver cannabidiol. They can be infused with a variety of CBD infusions, ingredients, and flavours. The design can be simple, extravagant, decadent, and everything in between. When it comes to choosing the best CBD sweets & edibles, you’ll have to take the time to find ones that speak to your taste buds. Premium Quality: We use only the finest hemp extracts, ensuring a pure and potent CBD product. Delicious Flavours: Indulge in a variety of mouth-watering flavours that make incorporating CBD into your routine a tasty delight. Trusted Transparency: With CBD Guru, you can trust the transparency of our products. Our products are third-party lab tested for quality and potency. Wellness Beyond Ordinary: Elevate your well-being with the natural benefits of CBD, known for its potential to support relaxation and balance.

  27. How delicious are our CBD gummies? Don’t just take our word for it, professional football player, John Hartson, said “I take the 4800mg gummies and I love them. I don’t have to worry about missing my CBD, all I do is put the tub in my gym bag and I can take it in between sessions. I can already feel the benefits and the flavours are great”. If that’s still not enough, just check out our amazing 5 star reviews on Trustpilot from over 3000 testimonials from happy customers across the UK. Join the SupremeCBD family today to start benefiting from our incredible edibles. Free UK Delivery on All Orders Over £50 Enjoy FREE UK delivery on all orders of £50 or more. Don’t miss out on this amazing offer and make the most of your CBD experience with our delicious gummies, delivered straight to your door! Shop now and unlock the power of CBD Gummies in the UK

  28. WHAT ARE CBD GUMMIES? CBD Gummies are the most effective, delicious and convenient way to take your daily dose of CBD. Each delicious, calming, vegan gummy contains only 15 calories and helps you so support stress and anxiety throughout the day.CBD is short for Cannabidiol – one of over 120 known compounds found in the cannabis/hemp plant (Cannabis Sativa L.) while Gummies are delicious, sweet cubes of delight that can be taken anywhere and offer the perfect way to get all the benefits of CBD while on the move. CBD is the second most prevalent compound in the plant, is non-intoxicating and has been shown to help ease anxiety, improve sleep and promote muscle recovery by supporting the body’s natural endocannabinoid system. The role of the endocannabinoid system (ECS) is to maintain homeostasis (balance) across all of the vital systems within the human body. CBD interacts with the ECS receptors distributed throughout our brains and nervous systems, helping to regulate functions including appetite, sleep, inflammation and pain response.How long before I feel the effects of a CBD Gummy? The average time from eating a gummy to feeling the effects is around 30 minutes and the daily recommended dose is 70mg which leaves room for a morning, noon and evening treat. Embrace the art of relaxation everyday.HOW MANY AND WHEN DO I TAKE CBD GUMMIES?There is no right or wrong answer. If you are using CBD for pre-work anxiety, take one when you wake up. If you are looking to stay composed before a presentation, take one at the office. If you are searching for a more refined sleeping pattern, consider having your gummies up to an hour before you go to bed.Our CBD Gummies are contained in a compact tub and box so you can take your CBD with you wherever you go. Our packaging is also fully recyclable.Goodrays UK CBD gummies are packed with 25mg of premium quality CBD. Most consumers feel the full benefits of CBD after a 25mg dose while other more experienced users may require more. Each pack contains 30 gummies designed to last you between 2 weeks and a month, depending on your preferred daily dosage. While CBD is non-toxic, we recommend you don’t exceed 70mg per day as a general rule. Check out our 5 star reviews on the product page to see what our customers have to say!WHAT ARE CBD GUMMIES? CBD Gummies are a delicious compact and discrete way to consumer CBD. The CBD is infused with delicious, natural jellies for maximum enjoyment. WHAT ARE THE BENEFITS OF CBD GUMMIES? Every consumer is different but CBD gummies have a range of health benefits such as providing calm, promoting relaxation, relieving inflammation, reducing nausea and supporting healthy sleep patterns. ARE CBD GUMMIES AS EFFECTIVE AS OTHER CBD PRODUCTS? Yes CBD gummies are effective as other CBD products but for the fastest effects we always recommend CBD oils, taken sublingually so they can be absorbed quicker WHAT EFFECTS SHOULD I EXPECT FROM CBD GUMMIES? CBD gummies have a range of health benefits such as providing calm, promoting relaxation, relieving inflammation, reducing nausea and supporting healthy sleep patterns. HOW MANY CBD GUMMIES SHOULD I EAT? Between 2 – 3 gummies per day. HOW LONG DO THE EFFECTS OF CBD GUMMIES LAST? The effects of CBD last a few hours but for the best long-term affects we recommend that consumers use CBD daily to support the body’s natural Endocannabinoid System. DO CBD GUMMIES CONTAIN THC? No, all our products contain 0 THC ARE CBD EDIBLES EGAL? Yes, CBD oil is legal. Approved products are listed under the FSA’s Public List of Novel Food products which can be found here: https://data.food.gov.uk/cbd-products.

  29. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  30. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  31. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  32. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  33. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  34. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  35. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  36. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  37. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  38. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  39. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  40. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  41. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  42. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  43. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  44. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  45. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  46. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  47. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  48. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  49. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  50. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  51. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  52. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  53. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  54. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  55. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  56. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  57. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  58. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  59. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  60. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  61. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  62. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  63. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  64. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  65. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  66. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  67. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

  68. Hi, It has come to our attention that you are using our client’s photographs on your site without a valid licence. We have already posted out all supporting documents to the address of your office. Please confirm once you have received them. In the meantime, we would like to invite you to settle this dispute by making the below payment of £500. Visual Rights Group Ltd, KBC Bank London, IBAN: GB39 KRED 1654 8703, 1135 11, Account Number: 03113511, Sort Code: 16-54-87 Once you have made the payment, please email us with your payment reference number. Please note that a failure to settle at this stage will only accrue greater costs once the matter is referred to court. I thank you for your cooperation and look forward to your reply. Yours sincerely, Visual Rights Group Ltd, Company No. 11747843, Polhill Business Centre, London Road, Polhill, TN14 7AA, Registered Address: 42-44 Clarendon Road, Watford WD17 1JJ

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