iNTERTAIN Limited, the owner and operator of 32 bars trading principally under the Walkabout brand, has announced a change of control and the introduction of significant new capital for investment.
Better Capital, a well-known UK investor, has taken control of the group with effect from the evening of Friday 7 November.
David Myers, iNTERTAIN Chairman said: “In the summer we announced plans to seek new investment to support our investment and expansion plans. There was considerable interest from investors and Better Capital’s experience and resources represented the strongest option in terms of securing the future growth of the iNTERTAIN business.”
iNTERTAIN was formed in October 2009 to acquire the prime trading assets previously owned and operated by Regent Inns Plc. In the second half of 2010, iNTERTAIN commenced a reinvestment programme and to date has completed 13 major refurbishments which have delivered excellent returns.
The most recent Walkabouts to benefit – in Derby, Carlisle and Lincoln – have seen sales increase by an average of 52%. While Walkabout forms the core of the iNTERTAIN portfolio, with 26 venues, it also owns and operates six individual bar concepts. In addition, five of the venues within the estate also operate Jongleurs comedy clubs.
Continued investment + acquisitions
With this transaction complete, iNTERTAIN now plans to continue the investment programme and actively pursue the acquisition of new venues.
iNTERTAIN CEO, John Leslie commented: “We are delighted to be working with Better Capital as it gives us the capacity to complete the investment programme and grow the business further.
“The work we have done on the evolution of the Walkabout brand over the last 18 months has delivered exceptional returns, and we’re very excited about the future growth potential of the business.”
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