19 Mar 2015 07:00
BETTER CAPITAL PCC LIMITED 2012 Cell
19 March 2015
The Directors of Better Capital PCC Limited have been informed by the General Partner of BECAP 12 Fund LP (the "2012 Fund") of the successful financial restructuring of iNTERTAIN Limited ("iNTERTAIN" or the "Company").
iNTERTAIN owns and operates a national chain of bars trading principally under the Walkabout brand. In November 2014, the 2012 Fund acquired all of the debt facilities of the Company and its subsidiary companies, with the 2012 Fund committing £20 million to the business.
In February 2015, the Company entered into a Company Voluntary Arrangement ("CVA") to refocus the business to a smaller core estate. The CVA was approved by the creditors in early March 2015. Following the CVA, the 2012 Fund has assumed equity control of the Company and its subsidiaries, and the core estate is expected to generate solid earnings before interest, depreciation and exceptional costs in the year to 31 January 2016.
With the restructuring now complete, iNTERTAIN can focus on its underlying business and drive growth from its existing platform. iNTERTAIN is actively searching for acquisition opportunities to increase the size of its estate.
Enquiries:
Better Capital PCC Limited +44 (0) 1481 716 000
Mark Huntley (Administrator and Company Secretary)
Better Capital LLP +44 (0) 20 7440 0840
Mark Aldridge (CEO)
Bonnie Kraus (Investor Relations)
Powerscourt +44 (0) 20 7549 0999
Justin Griffiths