Business
Acquisition of Boom Cardiff and Trading Update
Acquisition of Boom Cardiff and Trading Update.
About this update from Xp Factory Plc
[{"type":"text","content":"\n \n \n 9 September 2022\n \n \n \n XP Factory Plc\n \n \n \n \n (\"XP Factory\", the \"Company\" or the \"Group\")\n \n \n \n \n Acquisition of Boom Battle Bar Cardiff Limited\n \n \n \n \n and\n \n \n \n \n Update on site openings and trading\n \n \n \n \n \n \n \n \n XP Factory (AIM: XPF), a leading UK experiential leisure business operating the Escape Hunt™ and Boom Battle Bar™ brands, announces the acquisition of Boom Battle Bar Cardiff Limited, which owns and operates the Boom Battle Bar site in Cardiff, and provides an update on progress since its announcement on 31 May 2022 of the results for the year to 31 December 2021 (\"FY21\").\n \n \n \n Acquisition of Boom Cardiff\n \n \n \n XP Factory has acquired 100% of Boom Battle Bar Cardiff Limited (\"Boom Cardiff\") for an enterprise value of £2.15m. Boom Cardiff was the third Boom Battle Bar site to open and has been operating as a franchise site since September 2020 prior to the acquisition last November of Boom Battle Bars by XP Factory. It is a strong performer in the network and, in the twelve months ended 30 June 2022, delivered unaudited turnover of £3.82m, adjusted EBITDA of £438k[1] and profit before tax of £201k. As at 30 June 2022, Boom Cardiff had net debt of approximately £620k[2] including £220k of loans due to XP Factory. The estimated net consideration payable of £1.53m will be satisfied by a payment of £600k in cash on completion, a further £600k six months after completion, and the balance, which will be subject to a completion accounts mechanism, on the first anniversary of the acquisition. The unaudited net assets of Boom Cardiff as at 30 June 2022 were £240k.\n \n \n Boom Cardiff, which is located on Caroline Street in the Brewery Quarter in central Cardiff is a popular destination for consumers. The site offers a variety of competitive socialising games and activities, including Bavarian Axe Throwing, Mini Golf, Shuffle-Board, Electric Darts, American Pool, Ping Pong as well as other games set in a cocktail bar environment and offering 'street food' through an on-site kitchen.\n \n \n \n Other site progress\n \n \n \n Since the announcement on 31 May 2022 of the Company's full year results for FY21, further progress has been made in our site roll-out strategy. \n \n \n \n Boom Battle Bars\n \n \n \n ·\n In June 2022, a new owner...