TIDMBL03

RNS Number : 6471J

Belvedere Leisure Resorts PLC

24 August 2021

24 August 2021

Belvedere Leisure Resorts plc

("Belvedere" or the "Company")

Corporate Update

Belvedere, the luxury holiday resort developer, is pleased to announce, following on from the Company's announcement in December 2020, that the Company has exercised the option it obtained in relation to the acquisition of the business and assets of the Barnsoul Caravan Park. This follows the Company concluding a joint venture agreement with Apple Invest Limited enabling the Company to acquire in its entirety the business and assets of Barnsoul Caravan Park.

Under the joint venture arrangements, the Company has taken control of the operation of Barnsoul site, and its existing business, which is enjoying a buoyant summer of holidaymakers, having achieved an occupancy rate in June of 82%, with occupancy in July at 90%, and based on current bookings, it is set to achieve over 90% occupancy in August 2021. In June and July revenue was GBP20,765 and GBP24,349 respectively and profits before tax were GBP12,974 and GBP15,221.

The Company is now underway with scheduling the commencement of works on site and has placed an order for the first batch of lodges to enter into production from September 2021, deliverable in batches of five, with the schedule set to have delivered and installed 25 lodges by the end of 2021, ready to accept holiday bookings from January 2022. The Company has agreed preferential terms in respect of payment for the lodges whereby it has been offered longer payments terms and the opportunity to arrange finance on the lodges.

Landal GreenParks will take over the management and marketing of the new resort, to be re-named Landal Barnsoul, from January 2022 upon the launch of the new holiday resort. The Company will increase the number of lodge units over the course of the next two years to enhance the existing staycation offering within the 160 acre site.

Additionally, under the terms of the joint venture agreement with Apple Invest Limited, the Company is pleased to announce that it has secured the development of the site known as Barncrosh Farm. The professional team engaged by the Company are now tasked with revising the development appraisal, and to liaise with the local authority to obtain updated consent to roll out the purpose-built leisure resort deploying over 400 lodges in the next five years, again to be managed and marketed by Landal GreenParks on a long term basis.

The Barncrosh Farm site will be operated alongside the existing property which the Company acquired in September 2020, known as Barncrosh Meadows. This combined scheme will provide a huge boost to tourism to the region.

Between the three locations the Company will have the ability to develop and install up to 700 lodges in South West Scotland over the next five years, all to be marketed and managed by Landal GreenParks with the aim to make the region a destination venue. Dumfries and Galloway sits in a coastal position and benefits from having a microclimate on the gulf-stream. Under the joint venture arrangements, the properties at Barnsoul Caravan Park and Barncrosh Farm are owned by Apple Invest Limited but subject to a development arrangement whereby the Company develops and operates the businesses at both site and profits are shared between the parties in an agreed split.

This combination of property, trading business and assets provides the Company with access to almost 300 acres of UK leisure real estate under its control, with an established operational business already trading profitably at one of the locations.

This will enable the Company to roll out their strategy under the previously announced Landal GreenParks management and marketing programme on an accelerated basis, despite the Covid related issues faced by the Company in the last 18 months, and to benefit from the strength and popularity of domestic tourism, particularly in the wake of the global pandemic and ongoing restrictions and uncertainty over international travel.

The directors of Belvedere Leisure Resorts plc accept responsibility for this announcement.

For further information, please contact:

Belvedere Leisure Resorts plc

Paul Brazewell, Executive Director

Tel: +44 (0) 203 773 1361

Email: invest@belvedereleisureresortsplc.com

Alfred Henry Corporate Finance Limited

AQSE Corporate Advisor

Jon Isaacs

www.alfredhenry.com

Tel: +44 (0) 203 772 0021

IFC Advisory Limited

Financial PR & IR

Tim Metcalfe

Tel: +44 (0) 203 934 6630

Email: belvedere@investor-focus.co.uk

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August 24, 2021 10:19 ET (14:19 GMT)

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