20 Mar 2019 07:00
Ten Entertainment Group plc
('TEG' or the 'Group')
Conditional Acquisition Agreement for Southport Site
Ten Entertainment Group ('TEG' or 'the Group'), one of the UK's leading operators of family entertainment centres, today announces that it has conditionally agreed to acquire a well located existing site in Southport ('Acquisition').
The completion of the Acquisition is conditional upon inter alia the landlord entering into a licence with the seller to assign the site and obtain a deed of variation to the lease. Upon completion of the Acquisition the Group's estate will comprise 44 sites.
The Acquisition is consistent with the Group's growth strategy and TEG has a proven track record of integrating acquired sites and delivering good returns.
This site will benefit from further investment as a result of the 'Tenpinisation' process, bringing its operations, systems, technology and customer experience up to the market-leading standards of the Group's wider estate.
Duncan Garrood, Chief Executive Officer, commented:
"The site in Southport is a well-established centre in an excellent location. This addition is further evidence of the Group's ability to successfully execute its strategy as it continues to grow the estate through selective acquisition and by driving organic growth."
Ten Entertainment Group plc Duncan Garrood, Chief Executive Officer Mark Willis, Chief Financial Officer
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