Belvedere Leisure Resorts PLC Statement re corporate update and JV agreement (6471J)
24 Agosto 2021 - 9:19AM
UK Regulatory
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)