Brighton Pier Group PLC (The) Acquisition of Lightwater Valley Attractions (2726C)
17 Junio 2021 - 6:00AM
UK Regulatory
TIDMPIER
RNS Number : 2726C
Brighton Pier Group PLC (The)
17 June 2021
The Brighton Pier Group PLC
(the "Company" or the "Group")
Acquisition of Lightwater Valley Attractions Limited
The Brighton Pier Group PLC, which owns and trades Brighton
Palace Pier as well as nine premium bars and eight indoor mini golf
sites, announces that it has today acquired the entire share
capital of Lightwater Valley Attractions Limited ("Lightwater
Valley") for a consideration of up to GBP5 million payable in cash.
The acquisition will be funded from a GBP2 million extension to the
Group's revolving credit facility and exis t ing cash resources.
The transaction is expected to be immediately earnings accre ti ve
post comple ti on.
The total considera t ion is being sa t isfied by an initial
payment of GBP4.0 million in cash on the comple ti on date
(adjusted for working capital and on a debt free cash free basis),
deferred considera t ion of GBP0.5 million due at the end of
October 2021 and contingent consideration of up to a further GBP0.5
million, subject to Lightwater Valley achieving certain trading
targets over the current summer.
Lightwater Valley owns and operates the Lightwater Valley Theme
Park, a leading North Yorkshire attraction, which is focused on
family days out and is set in 175 acres of landscaped parkland. The
Park offers a variety of attractions with rides, amusements, crazy
golf, children's outdoor and indoor play, entertainment shows,
together with numerous food, drink and retail outlets. The Park
also provides popular seasonal events including Hallowe'en
(Frightwater Valley) and Christmas (Alice in Winterland).
For its last full year of uninterrupted trading (year ended 28
February 2019 *), Lightwater Valley recorded sales of GBP5.1
million, EBITDA of GBP1.1 million and pre tax profits of GBP0.6
million. As for so much of the leisure industry, the financial year
ended 28 February 2021* for Lightwater Valley was heavily impacted
by restrictions on capacity together with closures in relation to
COVID-19. In these latest statutory financial statements, the
company recorded a loss before tax of GBP0.6 million on sales of
GBP2.4 million. EBITDA before the write-off of intercompany loans
was GBP0.4 million. The total fixed assets being acquired are
stated in the balance sheet at GBP4.1 million.
As the restrictions imposed by the COVID pandemic on the UK
Leisure Industry continue to be lifted, the Board are confident
that Lightwater Valley's trading will resume to normalised levels
in the short term.
The Board believes that the extensive space at Lightwater Valley
provides a long term growth opportunity for the Group to develop
and expand the park. This acquisition executes on the Company's
stated strategy to create a growth group, operating across a wide
variety of leisure and entertainment assets in the UK. It is the
Group's intention to position itself as a consolidator in this
sector.
This announcement contains inside information within the meaning
of the Market Abuse Regulation.
Commenting on the acquisition, Anne Ackord, Chief Executive
Officer, said:
"I am delighted to welcome all the team at Lightwater Valley to
The Brighton Pier Group. I believe that, together, we can develop
Lightwater Valley into the premier amusement destination across
Yorkshire and the surrounding areas.
This acquisition continues the Company's development as a
consolidator within the leisure industry, and we are excited to
explore further growth opportunities as they arise.
I believe our businesses are ideally suited to take advantage of
the pent- up demand as the UK unlocks its restrictions. The booming
'staycation' market is going to significantly grow UK tourism over
the coming months as international travel restrictions remain in
place, this provides a great opportunity over the summer for all
the Group's operations."
* Lightwater Valley Attractions Limited's latest statutory
financial statements are for the year ended 28 February 2021. All
recent annual financial statements have been prepared under FRS
102.
All Company announcements and news are available at
www.brightonpiergroup.com
Enquiries:
The Brighton Pier Group PLC Tel: 020 7376 6300
Luke Johnson, Chairman Tel: 020 7016 0700
Anne Ackord, Chief Executive Officer Tel: 01273 609361
John Smith, Chief Financial Officer Tel: 020 7376 6300
Cenkos Securities plc (Nominated Adviser
and Broker)
Stephen Keys (Corporate Finance) Tel: 0207 397 8926
Callum Davidson (Corporate Finance) Tel: 0207 397 8923
Michael Johnson (Sales) Tel: 0207 397 1933
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END
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June 17, 2021 07:00 ET (11:00 GMT)
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