19th Mar 2015 09:11
LONDON (Alliance News) - Better Capital PCC Ltd Thursday said that Intertain Ltd, the owner and operator of the Australian-themed Walkabout brand of bars, is on the hunt for acquisitions after completing a financial restructuring that involved entering a company voluntary arrangement to narrow its focus.
Better Capital PCC, which attracted controversy over the administration of delivery business City Link over Christmas 2014, has two feeder cells: the 2009 Cell and the 2012 Cell. The cells make investments through two funds established as Guernsey limited partnerships. The funds target investments in companies that are distressed or struggling.
Jon Moulton, the private equity veteran, is a director of Better Capital PCC and is prominent in making investment decisions.
Better Capital's 2012 fund acquired Intertain's debt facilities from a syndicate of lenders in November 2014, when it committed GBP20 million to fund the purchase and "future financing requirements".
After Intertain's company voluntary arrangement was approved by creditors in March, the 2012 fund took control of the company's equity.
According to Better Capital, Intertain's "core estate is expected to generate solid earnings before interest, depreciation and exceptional costs in the year to 31 January 2016".
"With the restructuring now complete, Intertain can focus on its underlying business and drive growth from its existing platform. Intertain is actively searching for acquisition opportunities to increase the size of its estate," Better Capital said.
Better Capital PCC 2012 shares were quoted flat at 67.50 pence per share on Thursday.
Better Capital PCC 2009 shares were untraded on Thursday. The stock closed at 91.25 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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