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Share Name Share Symbol Market Type Share ISIN Share Description
Brighton Pier Group Plc (the) LSE:PIER London Ordinary Share GB00BG49KW66 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 68.50 67.00 70.00 68.50 68.50 68.50 9 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 22.6 -10.2 -25.5 - 26

Brighton Pier Group PLC (The) Acquisition of Lightwater Valley Attractions

17/06/2021 12:00pm

UK Regulatory (RNS & others)


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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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June 17, 2021 07:00 ET (11:00 GMT)

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