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Fri 6th Feb 2015 - Walkabout operator Intertain secures future
Walkabout operator Intertain secures future: Walkabout operator Intertain has secured its future with creditors backing a Company Voluntary Arrangement (CVA). The restructuring plan enables Intertain to optimise its financial structures and facilitate an operational reorganisation, thus ensuring a long-term sustainable future for the business. The CVA approval facilitates a reduction in Intertain’s debt burden from £30m to £14m. Its lenders have committed to £6m of new money to fund Intertain’s capital investment programme. A small number of venues, thought to be seven, are likely to close mid-March allowing Intertain to focus on a smaller, more profitable core estate. Chief executive John Leslie said: “We are very pleased that our creditors have approved the CVA. It allows us to reduce our level of debt and provides the right operational structure to secure a strong and sustainable future for Intertain. Walkabout is a strong brand with a loyal customer base and most of our sites are performing well, generating a good level of return. However, a few sites were loss making or had unsustainable levels of rent, so to continue running them as they were was not viable. To secure the long term future of the business we have had to exit the loss making sites, and these are likely to close mid-March. However, with the support of our landlords we have been able to positively address the over-rented sites by reducing the rents to more sustainable levels. This will allow these venues to generate an acceptable level of return and we are looking forward to continuing to trade at these sites. We can now focus on resuming our investment programme and accessing new market opportunities for the benefit of all of our stakeholders.” Intertain is owned by Better Capital, led by Jon Moulton.

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