Ten Entertainment Group PLC Nick Basing to step away in September (4042T)
25 Marzo 2021 - 1:00AM
UK Regulatory
TIDMTEG
RNS Number : 4042T
Ten Entertainment Group PLC
25 March 2021
25 March 2021
Ten Entertainment Group plc
Nick Basing to step away in September
The board of Ten Entertainment has been advised by Nick Basing
of his intention to step down as Chairman, a role he has undertaken
for six of the twelve years he has been involved with the Company.
A process to appoint his successor will now commence. It is
anticipated that Nick will leave the business in September,
following an orderly transition and handover period.
Nick has been instrumental in the development of Ten
Entertainment as one of the leading leisure companies in the UK,
growing EBITDA tenfold during his tenure and growing like-for-like
sales for 8 consecutive years between 2012 and 2020 prior to the
onset of the pandemic. Reflecting this performance, at its peak pre
COVID, the business was valued at c.GBP200 million.
He was appointed CEO of Essenden PLC, the forerunner to Ten
Entertainment in 2009 whilst an operating partner of Harwood
Capital, and Chairman prior to the Company's IPO in 2017.
Initially, Nick, the board and the team recognised the opportunity
to reinvent and modernise an outmoded and declining tenpin bowling
industry. A strategy was then devised to build a business model
around everyday family entertainment and the Company re- positioned
to be in the sweet-spot of the emerging new category of
"experiential leisure". The company's venues are now enjoyed by 6
million people every year and over 35% of the nation each year
across the industry.
Together with his team, they deployed new technologies;
broadened the product offering with the latest gaming machines,
table-tennis, karaoke and escape rooms; and significantly upgraded
the casual dining experience for guests. He has overseen the
successful buy-and-build strategy of acquisitions delivering
consistently attractive returns for shareholders and led recently
the new Joint Venture acquisition of Houdini's escape rooms which
has further potential for growth.
He attracted and has helped create a highly-experienced board of
directors. He has guided the company through this difficult last
year, stepping into an Executive role heavily focused to ensure a
strong and prudent balance sheet.
Nick will remain in his role to ensure that the Group is best
placed from the start of reopening.
Nick Basing, Chairman, commented:
"All of my colleagues and everyone involved with Ten
Entertainment have been a huge part of my life for the past 12
years. It has been an extraordinary experience which I am
privileged to have enjoyed. I am humbled to have been entrusted
with the leadership of this world-class business. I am proud that
we are regarded as a market leader and have aimed to set the
standards in innovation and customer service at every moment. I
believe we are at the sweet-spot of experiential leisure which over
the years the team has helped to pioneer. I am confident to be
leaving the business in the excellent hands of our first-class
leadership and a strong board. It has been a great chapter in my
life and I have thoroughly enjoyed these last 12 years."
Julie Sneddon, NED, commented:
'Nick has instilled a caring, inclusive and diverse culture
which has been externally recognised. Nick has always shown his
passion and ambition for developing talent: three of his protégés
have become CEOs of publicly listed businesses themselves and at
Ten we are fortunate to have the highly experienced Graham
Blackwell as CEO, whom Nick worked with in tandem with for 12
years, at the helm of the business today.
Christopher Mills, NED and significant shareholder,
commented:
"I would like to express my gratitude to Nick. When he joined
the Group in 2009, it was by no means certain that the company had
a viable future. Through his capable leadership Ten has emerged as
a market-leading business which, once things return to a degree of
normality, is poised to return to the growth path".
Graham Blackwell, CEO, commented:
"Nick leaves Ten Entertainment in excellent shape and
well-positioned to thrive in a post pandemic world. On behalf of
everyone connected to Ten Entertainment, as CEO I would like to
express my deepest gratitude for the devotion, hard work and
inspirational leadership Nick has shown as both CEO and Chairman of
the Group."
Enquiries:
Ten Entertainment Group plc via Instinctif
Graham Blackwell, Chief Executive Partners
Officer
Antony Smith, Chief Financial
Officer
Instinctif Partners Tel: 020 7457
Matthew Smallwood 2005
Jack Devoy
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