17th Jun 2021 14:28
Brighton Pier Group PLC - operator of Brighton Pier - Buys Lightwater Valley Attractions Ltd for up to GBP5 million in cash. The acquisition will be funded from a GBP2 million extension to the group's revolving credit facility and existing cash reserves. Lightwater Valley is expected to generate earnings for Brighton Pier upon completion of the deal.
Lightwater Valley owns and operates the Lightwater Valley Theme Park in North Yorkshire.
Brighton Pier Group says the acquisition will further its aim to create a group operating across a variety of leisure and entertainment assets in the UK.
"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," says Chief Executive Anne Ackord.
"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."
Current stock price: 55.00 pence
Year-to-date change: up 78%
By Will Paige; [email protected]
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