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Wed 28th Oct 2015 - Better Capital invests further £3.1m in Intertain
Better Capital invests further £3.1m in Intertain: Private equity firm Better Capital, led by Jon Moulton, has invested a further £3.1m in Walkabout operator Intertain after strong investment returns. The company’s latest accounts state: “The company’s owner, encouraged by the strong investment returns achieved on investments in the year to date, and keen to ensure that the company was able to maintain business momentum on refurbishments and the developments of new sites, increased the long term facility by £3,100,000.” News of Better Capital’s vote of confidence in Intertain emerged as the company confirmed a new venue in the Printworks urban entertainment complex in Manchester following the signing of a new lease. Refurbishment work is due to commence on 2 November, with the venue opening in December. The latest addition to the Intertain estate is the fourth new site in 2015 and follows recent openings in Solihull and Lichfield, in addition to Brighton earlier in the year. The Printworks, one of Manchester’s leading entertainment complexes, will see the “new-style” Walkabout open alongside a cinema, clubs and various eateries. The venue previously traded as a Henry J Beans. The company will be investing over £485,000 in the 600-capacity venue, and create 60 new permanent bar, kitchen and management jobs in the process. Chief executive John Leslie said: “We’re delighted to be opening our brand new Manchester venue this December. The Printworks is a fantastic entertainment hub and we’re excited to introduce our customers to our ‘new-style’ Walkabout. Following on from the success of our recent openings, we now have a fantastic platform from which to build for the future.” Once open, Walkabout will be home to a “Reef Bar” for the main bar area, where linked-screens showing under-sea and beach footage will give the impression of being in a “Great Barrier Reef-like” paradise. The venue will also boast a variety of pre-bookable booths and private areas for parties, meals, club nights and live music, along with VIP areas and a state-of-the-art sound and light system. Pre-bookable front row seats will be available for all major televised live sports events which will be shown on giant new projection screens, and multiple HD TVs, reaffirming Walkabout’s reputation as the number one live sports venue on the high street. Walkabout chief operating officer Simon Kaye told the ALMR Bar and Night Club Conference, held in association with Propel, the company was achieving a payback of less than two years on its investments. The company will have completed investments in half of its Walkabout estate by the end of this year. As much as £5m is earmarked for estate development next year.

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