Escape Hunt PLC Acquisition of Middle East Master Franchise
October 20 2020 - 1:00AM
RNS Non-Regulatory
TIDMESC
Escape Hunt PLC
20 October 2020
20 October 2020
Escape Hunt plc (AIM: ESC)
("Escape Hunt", "Group" or the "Company")
Acquisition of Middle East Master Franchise and re-opening of
Dubai site
Escape Hunt, a global leader in the growing escape rooms sector,
is pleased to announce that it has completed the acquisition of its
Middle East master franchise partner, Escape Hunt Entertainment LLC
("EHE") subject only to the formal registration of the sale which
is scheduled to take place on 22 October 2020. The Dubai site is
re-opening for business today under Escape Hunt's control.
EHE owns and operates an escape room site in the Galleria Mall
in Dubai and also has sub-franchise relationships for four sites in
the region. As a result, the Dubai site will become an 'owner
managed' site alongside the Company's existing estate in the UK and
the sub-franchisees will become direct franchisees. Together with
Basingstoke and Cheltenham, which are currently in build, this
takes the total number of owner managed sites to 13 with a further
two sites in legals. The management team from EHE has been retained
and will continue to run the business in the area.
The acquisition is expected to significantly increase the
contribution from the region. In 2019, the Dubai site had turnover
of approximately GBP490k and we would expect to run the site on
similar operating metrics to a UK site. In addition, with the Dubai
site becoming a 100% beneficially owned subsidiary, Escape Hunt's
revenue share from the Middle East sub-franchisee network will rise
from 5% to 10%. In the light of COVID19, the Middle East regional
sub-franchisee network is being reviewed and sites will either
re-open and remain part of the network, or new partners will be
sought to expand the regional network in time.
Commenting, Richard Harpham, Escape Hunt's CEO, said:
"We are excited about the prospects for the region and believe
the Dubai site in particular has the potential to deliver very
attractive returns from a high quality, attractive venue in the
Galleria Mall as was being demonstrated prior to the COVID-19
pandemic. We are delighted that Abdulwahab Bahrawi and his team are
now part of the Group and expect them to play an increasingly
prominent role in driving our international franchise business in
the future."
Enquiries
Escape Hunt plc
Richard Harpham (Chief Executive Officer)
Graham Bird (Chief Financial Officer) +44 (0) 20 7846
Kam Bansil (Investor Relations) 3322
Shore Capital - NOMAD and Joint Broker
Tom Griffiths, David Coaten (Corporate Advisory) +44 (0) 20 7408
Fiona Conroy (Corporate Broking) 4050
Zeus Capital - Joint Broker
John Goold +44 (0) 20 3829
Daniel Harris 5000
IFC Advisory - Financial PR
Graham Herring +44 (0) 20 3934
Florence Chandler 6630
Notes to Editors
About Escape Hunt plc
The Escape Hunt Group is a global leader in providing
escape-the-room experiences delivered through a network of
owner-operated sites in the UK, an international network of
franchised outlets in five continents, and through digitally
delivered games which can be played remotely. Its products enjoy
consistent premium customer ratings and cater for leisure or
teambuilding, in small groups or large, and are suitable for
consumers, businesses and other organisations. Having been
re-admitted to AIM in May 2017, the Company has a strategy of
creating high quality premium games and experiences delivered
through multiple formats and which can incorporate branded IP
content. (https://escapehunt.com/)
Facebook: EscapeHuntUK
Twitter: @EscapeHuntUK
Instagram: @escapehuntuk
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