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Thu 19th Mar 2015 - Intertain to invest £3m in 2015 after restructuring completes
Intertain to invest £3m in 2015 after restructuring completes: Walkabout operator Intertain is planning to invest circa £3m in the estate this calendar year after its restructuring was completed today. The company, which is led by John Leslie and backed by Jon Moulton’s Better Capital, closed six sites last weekend to leave 26 sites – 22 Walkabouts and four unbranded sites (Jongleurs comedy clubs also operate at three of the unbranded sites and at one Walkabout). The sites will be returned to their landlords in mid-April. Intertain plans to invest an average of £500,000 a site in as many as six of its sites this calendar year – the first £500,000 investment is underway at the Bristol Walkabout. The company also has its first acquisition in the pipeline – expanding the Walkabout brand will be Intertain’s focus in terms of estate additions. Leslie told Propel this morning: “We did not invest in the whole if 2014 – the last investment was in the Lincoln Walkabout in November 2013. But we getting a second year of growth out of the investments we made in 2013. Our sites that are invested are performing significantly better.” On acquisitions, he said: “We’re not too worried about numbers, it’s about quality. You can expect news on that shortly.” Following the completion of Intertain’s CVA in February, Better Capital provided a new five year funding facility to the company. Better Capital injected £20m into the business, of which £12.5m covered existing debt to leave circa £7.5m and cashflow to fund investments and acquisitions. Leslie added: “I am delighted we are now in a position to continue our refurbishment programme. We have achieved great returns on previous investments, so we’re very excited about the future. Walkabout is a strong brand with great potential for growth. We are not represented in many of the key towns and cities in the UK, but this new facility will allow us to look for opportunities to grow the business.” Better Capital said: “The core Intertain estate is expected to generate solid earnings before interest, depreciation and exceptional costs in the year to 31 January 2016.”

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