Escape Hunt up 15% after raising GBP17 million to buy Boom Battle Bars

(Alliance News) - Escape Hunt PLC on Monday reported it had successfully raised GBP17.2 million from a share issue.

The escape room operator issued 57.4 million shares at 30 pence each in a share placing, subscription and open offer, which was oversubscribed.

Directors subscribed for 1.6 million of the shares, including Chair Richard Rose, who took 1.0 million to raise his holding to 2.4 million shares, a 1.5% stake. Chief Financial Officer took 341,667 shares, rasing his holding to 1.8 million.

Shares in Escape Hunt were up 15% at 38.00 pence in London after the announcement.

On November 3, Escape Hunt agreed agreed to buy Boom Battle Bars for GBP17.4 million in cash and shares. The completion of the deal will trigger the escape room operator's change of name to XP Factory PLC, it said at the time.

Boom Battle Bars is a leisure business offering socialising activities and cocktails and street food, comprising one owner-operated venue and five franchised venues in the UK. The business has a total pipeline of 39 sites including a further 18 sites with outline terms agreed.

By Will Paige; willpaige@alliancenews.com

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