Escape Hunt PLC - escape room operator based in London - Plans to raise GBP1.4 million through the placing of 8.0 million shares at 17.5 pence each. Says cash will be used to support the USD330,000 acquisition of its French master franchise partner, BGP Escape. Adds GBP150,000 will fund potential additional investment in the French and Belgian business and it will use the rest of the cash to continue the UK roll-out of owner-operated sites.
Notes that completion of the acquisition, the total number of Escape Hunt owner-operated sites will increase to 17, highlighting it believes this number of owner-managed sites should be able to support positive group earnings before interest, tax, depreciation, and amortization as well as positive cash generation once new site performance matures and conditions normalise post-Covid-19.
Adds Non-Executive Director John Story participated in the placing, subscribing for 2.4 million shares.
Current stock price: 21.18 pence; up 5.9% on Friday
Year-to-date change: up 39%
By Ife Taiwo; ifetaiwo@alliancenews.com
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