25 Nov 2011 11:51
THE WEATHER LOTTERY PLC
('TWL or the 'Company')
Upgrade of Sports Facility
25 November 2011
In June 2011 TWL announced it had acquired Soccerdome Limited ("Soccerdome"), the owner and operator of a "five-a-side" public sports facility at the Harvey Hadden Sports Complex in Nottingham. In that announcement it advised that the Company would undertake a refurbishment plan, to be partially funded by the vendor of Soccerdome, expected to be completed by early Autumn 2011.
The Board obtained full estimates of cost in August with a view to undertaking the work in October. However this full renewal, including the latest "rubber crumbing" of the surfaces and the provision of roof cover to four of the pitches, has now been delayed. The Board has taken this decision after receiving information from the local authority about its proposed major redevelopment of the Harvey Hadden Sports Complex with new changing rooms and car parking to compliment the building of an Olympic size swimming pool adjacent to the five-a-side centre. TWL were made aware of the progress towards this redevelopment in September (it having been previously shelved).
The start date of the Harvey Hadden redevelopment work is yet to be announced, but TWL believes that it is unlikely to commence earlier than Spring 2012. Since the Harvey Hadden redevelopment work may remove for a time the changing facilities and may even encroach on the existing five-a-side centre, the Board has decided to delay the planned Soccerdome refurbishment works temporarily. In order to protect the existing business the Company has completed a smaller refurbishment and "refreshment" of the courts for the winter use. Whilst this has been undertaken at a substantially reduced cost to the Company, the increases in pitch utilization that might have been expected from the "rubber crumbing" and the provision of roof cover have consequently been delayed together with any resultant increased contribution to Group profitability.
ENDS
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The Weather Lottery PLC
John Botros (Company Secretary) 07714209346
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