9th Sep 2022 14:29
(Alliance News) - XP Factory PLC on Friday announced the acquisition of Boom Battle Bar Cardiff Ltd for GBP2.2 million.
Shares in the Crawley-based experiential leisure business were trading 8.3% higher at 13.00 pence on Friday afternoon in London.
Boom Cardiff delivered a turnover of GBP3.8 million and profit before tax of GBP201,000 for the financial year ended June 2022. It also has net debt of GBP620,000.
Since the announcement in May of the company's full year results, XP Factory has acquired the boom franchise site in Norwich for GBP100,000 in cash and has opened two further franchise sites in Ealing and Sheffield.
As a result, the boom battle bar network today comprises 18 sites, of which six are owner operated and twelve are franchised.
The company also issued an update on trading. Trading in both boom and escape hunt sites has been "encouraging" in the context of the economic backdrop, the company said.
The escape hunt owner-operated estate reported a turnover of GBP1.4 million in the eight weeks to August 2022, an increase of 16% compared to the same eight-week period in 2021.
The boom battle bar owner operated sites delivered a turnover over of GBP1 million in the same period.
Chief Executive Officer Richard Harpham commented: "We are delighted to have been able to add the Boom Cardiff site into our owner operated estate on attractive terms. It is consistently a strong performing site. Likewise, the acquisition of the Boom Norwich site is expected to provide an excellent cash on cash return.
"We continue to see growing and attractive operating metrics at our Boom sites whilst Escape Hunt has become a consistently high margin business."
By Chris Dorrell; [email protected]
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