TIDMBL03
RNS Number : 5751N
Belvedere Leisure Resorts PLC
01 February 2021
1 February 2021
Belvedere Leisure Resorts plc
("Belvedere" or the "Company" or the "Group")
Final results for the year ended 30 June 2020
Belvedere, the luxury holiday resort developer, announces its
final results for the year ended 30 June 2020.
Period Highlights
-- Launch of a 5 year bond on the Aquis Stock Exchange Growth
Market giving a 6.25% coupon per annum to raise a total amount of
GBP25 million
-- Initial bond subscription of GBP107,000
Post Period Highlights
-- Two subsequent bond issues (GBP872,014 on 30 November 2020
and GBP297,900 on 18 January 2021); bonds with aggregate principal
amount of GBP1,276,914 now issued
-- Exclusivity agreement to purchase the 160 acre site known as
Barnsoul Park, Shawhead, Dumfries & Galloway
-- Negotiations to acquire the original Barncrosh Site, at
Barncrosh Farm, Dumfries & Galloway are ongoing
Strategic report for the year ended 30 June 2020
Review of the business
The Directors are satisfied with the results showing a loss for
the year, amounting to GBP499,109
The key financial highlights are as follows:
y/e 30 June y/e 30 June
2020 2019
Turnover GBP0 GBP0
Loss before GBP499,109 GBP80
tax
The year ended 30 June 2020 saw a headline increase in
expenditure to GBP499,109 due to the work and associated costs
involved with the public listing of the Company's bonds onto one of
London's recognised stock exchanges, the Aquis Growth Market
("AQSE") which was formerly known as the NEX Exchange.
After almost 12 months of hard work, the Company successfully
listed its bonds onto AQSE and was on course with its fundraising
strategy. The GBP25 million corporate bond listing was in advanced
stages of securing the first significant subscriptions from two
funds (one of which filed their subscriptions to the financial
services regulatory authority in the Netherlands and were
approved), but the subscriptions were postponed due to the outbreak
of the COVID-19 pandemic.
Belvedere Leisure Resorts plc have launched a 5 year bond on the
Aquis Stock Exchange Growth Market giving a 6.25% coupon per annum
to raise a total amount of GBP25 million. The capital raised by the
listing of the bond is primarily targeted to be invested in land
that the plc own through acquisition and joint venture arrangements
to develop a range of luxury holiday resorts to be managed on a
long term basis by Landal GreenParks, one of Europe's leading
holiday resort operators, with over 90 locations in 9
countries.
This is set to be the first UK purpose built Landal GreenParks
resort and the first in the UK to be managed by the holiday giant.
The first part of phase one will comprise of 50 lodges plus
reception with the second part of phase one to then include more
facilities and lodges in line with Landal GreenParks' requirements.
Landal GreenParks will be responsible for all bookings, occupancy
and management of the resort and revenues will be shared between
both parties in line with the 25 year marketing and management
services agreement which is legally in force. As a consequence of
COVID-19, the Board have been in dialogue with Landal GreenParks
and Awaze and they maintain their full support for the Company.
The global pandemic and the business interruption that the
Company experienced meant this was an ideal time for the Board to
revise its strategy and ownership, to reposition and place itself
in a better position to develop and progress amidst these
exceptional times that the UK and global economies are enduring.
The revised strategy in light of the current economic climate is to
also be in a position to acquire distressed assets in the form of
UK real estate should investment opportunities arise and the
Company be able to capitalise on them, be it by way of development
or pure investment. This gives bondholders greater security with
the bonds being asset backed by UK land and property
Principal risks and uncertainties
The Directors consider the key risks to the business through a
framework of policies, procedures and internal controls. All
policies are subject to Board approval and ongoing review by
management. Compliance with regulations, legal and ethical
standards is a high priority for the Group and the finance
department takes on an important oversight role in this regard, to
ensure that a proper internal control framework exists to manage
financial risks and that the controls operate effectively.
The key risk to the business at the year-end is the ongoing
economic uncertainty and that COVID-19 continues to cause further
potential business interruption. With the change in strategy
implemented by the Board of Directors, however, progress is being
made with regards to widening the Company's project development
opportunities and its efforts in stimulating new channels of
fundraising are proving most productive.
The Company also manages risks by providing added value to its
investors through securing land with asset value and scope for
leisure development, then enhancing this asset value and
maintaining strong strategic professional and commercial
relationships. Given the expected increasing popularity of domestic
tourism the Company believes it has even greater strength and
opportunity in the next 12 months.
Key Performance Indicators
The main financial metric used by the Directors in assessing
business performance remains successful new issuances of bond
subscriptions. The Company is now gaining excellent traction and
generating interest from funds both domestically and
internationally; this and other KPI's are regularly circulated to
the key management team and the Company's Directors to ensure full
visibility by those helping drive the business forward.
Future Developments
The business is focused on progressing its fundraising strategy
and pushing forward on its UK leisure development project
opportunity. Management remains wary of the economic climate and
have reflected this within its forecasts. The results for the
current year to date show the business to be in line with the
Board's projections given the timing of its corporate bond listing
and the impact that the pandemic has had on industry and the
economy. The Directors are cautiously optimistic that their
forecasts for the forthcoming 12 months can be achieved.
Since the year ended 30 June 2020, the Company has progressed in
accordance with the above, attracting further inward investment
into the bonds, have secured the acquisition of land for
development and are in the due diligence process to acquire a
second location for operation. Momentum is gathering and further
bond subscriptions are expected.
On behalf of the Board
Mr P Brazewell
Director
1 February 2021
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
Profit and loss account
for the year ended 30 June 2020
Year Period
ended ended
30 June 30 June
2020 2019
GBP GBP
Administrative expenses (495,272) (80)
Interest payable and similar
expenses (3,837) -
Loss before taxation (499,109) (80)
Tax on loss - -
Loss for the financial year (499,109) (80)
The profit and loss account has been prepared on the basis that all
operations are continuing operations.
Balance sheet
as at 30 June 2020
2020 2019
GBP GBP GBP GBP
Current assets
Debtors 96,833 50,000
Creditors: amounts falling
due within one year (439,022) (80)
Net current (liabilities)/assets (342,189) 49,920
Creditors: amounts falling
due after more than one
year (107,000) -
Net (liabilities)/assets (449,189) 49,920
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss reserves (499,189) (80)
Total equity (449,189) 49,920
Statement of cashflows
for the year ended 30 June 2020
2020 2019
GBP GBP GBP GBP
Cash flows from operating activities
Cash absorbed by operations (113,723) (80)
Interest paid (3,837) -
Net cash outflow from operating
activities (117,560) (80)
Cash flows from financing activities
Issue of debentures 107,000 -
Additional borrowings 10,640 -
Net cash generated from/(used
in) financing activities 117,640 -
Net increase/(decrease) in cash
and cash equivalents 80 (80)
Cash and cash equivalents at beginning
of year (80) -
Cash and cash equivalents at end
of year - (80)
Relating to:
Bank overdrafts included
in creditors payable within
one year - (80)
Notes to Preliminary Results for the year ended 30 June 2020
1. The financial information set out above does not constitute
statutory accounts for the purpose of Section 434 of the Companies
Act 2006. The financial information has been extracted from the
statutory accounts of Belvedere Leisure Resorts plc and is
presented using the same accounting policies, which have not yet
been filed with the Registrar of companies, but on which the
auditors gave an unqualified report on 29 January 2021.
The preliminary announcement of the results for the year ended
30 June 2020 was approved by the board of directors on 1 February
2020.
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February 01, 2021 07:15 ET (12:15 GMT)