Business
Strategic and operational update
Strategic and operational update.
About this update from Xp Factory Plc
[{"type":"text","content":"\n \nRNS Number : 7155Z Escape Hunt PLC 19 December 2017 \n\nEscape Hunt plc\n(\"Escape Hunt\" or the \"Company\")\nStrategic and operational update\nEscape Hunt, the global provider of live \"Escape the Room\" experiences, is providing the following strategic and operational update.\nThe Board is pleased with the progress made as it has continued to develop the approach to growing this early stage business. After a detailed review of the competitive landscape, which has given further confidence in both the strategy and the market opportunity, the Group has adapted its approach to property to target premium, city centre sites with high footfall and close to potential corporate customers.\nEscape Hunt has also significantly strengthened the management team with a number of senior hires who bring substantial experience in working with international entertainment brands. This has enabled the group to start work on evolving the brand across the group as well as commencing early stage conversations with regard to licensing partnerships with leading entertainment, content and brand owners for new \"Escape the Room\" concepts.\nAt the time of the publication of the interim results on 18 September, Escape Hunt announced that it was in process to acquire leases on eight sites across the UK in 2017. Five of these leases have now been signed and the additional three leases are in the final stages of negotiation, pending planning. Planning issues have contributed to the delay in the opening of initial UK sites and their associated revenues but the commercial terms of the leases have been within management expectations and the Board is pleased to have secured some excellent locations. In addition, there is a good pipeline of further sites where commercial negotiations are under way.\nThe fit-out work at the Birmingham site is almost complete and is due to open in early 2018. Works are underway at the Bristol and Leeds sites, with Edinburgh and Oxford fit-out work due to start in early 2018.\nA marketing team has been established ahead of the UK launch in Birmingham and the design and delivery processes are being improved and strengthened to ensure a seamless and integrated system. A number of partners have been identified who will provide the enhanced delivery capability for games to be delivered with reduced lead times and ensur...