Escape Hunt upbeat after first seven months trading
Escape game operator Escape Hunt released its results for the seven month period to 31 December on Wednesday - a time when it traded under the name Dorcaster.
The AIM-traded company raised £9.7m on its admission to AIM in July 2016, with the funds reportedly used for its strategy of identifying investment opportunities in the consumer and leisure sectors.
Negotiations with Escape Hunt Group commenced in November 2016 and were successfully concluded in May 2017.
The firm made a pre-tax loss of £1.61m for the period to 31 December 2016, with its expenditure largely comprised of the transaction costs related to its admission to AIM, and the subsequent investment strategy.
Escape Hunt’s board claimed a “strong” cash position of £7.9m as at 31 December, and reported a basic loss per share of 18.75p.
Since period end, Dorcaster completed the acquisition of Escape Hunt Group - along with a placing of new equity - in May 2017.
“2016 saw the formation of the company and it raising almost £10m in new equity in order to make one or more investments in the leisure industry,” said chief executive Richard Harpham.
“After reviewing a number of possible acquisitions in 2016, we commenced due diligence on the Escape Hunt Group in the final quarter of 2016 and, given its track record and clear prospects for future growth, we were delighted to bring this acquisition and associated fund-raising to a successful conclusion in May of this year.”
Harpham said the predominant strategy in the short term was to begin rolling out owner-operated sites in target markets of the UK and certain EU territories, while continuing to grow the Escape Hunt franchise business globally.
“Work to find appropriate sites is well underway as we target rapid expansion in the year ahead.
“Escape Hunt is one of the global leaders in the high growth 'escape game' space, and our expertise, our customer offer and our strong balance sheet gives us confidence for significant growth in the years ahead.”