Escape Hunt PLC - escape room operator based in London - Completes acquisition of Middle East master franchise partner Escape Hunt Entertainment LLC. Formal registration of the sale to take place on Thursday. Notes the Dubai site - which generated turnover of GBP490,000 in 2019 - has re-opened for business under Escape Hunt's control.
Escape Hunt says acquisition will significantly increase the contribution from the region. Highlights that with the Dubai site becoming a wholly-owned subsidiary, Escape Hunt's revenue share from the Middle East sub-franchisee network will rise from 5% to 10%.
"In the light of Covid-19, the Middle East regional sub-franchisee network is being reviewed and sites will either re-open and remain part of the network, or new partners will be sought to expand the regional network in time," the company states.
"We are excited about the prospects for the region and believe the Dubai site in particular has the potential to deliver very attractive returns from a high quality, attractive venue in the Galleria Mall as was being demonstrated prior to the Covid-19 pandemic," adds Chief Executive Richard Harpham.
Current stock price: 8.66 pence
Year-to-date change: down 44%
By Ife Taiwo; ifetaiwo@alliancenews.com
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