Escape Hunt PLC Strategic and operational update (7155Z)
19 December 2017 - 6:00PM
UK Regulatory
TIDMESC
RNS Number : 7155Z
Escape Hunt PLC
19 December 2017
Escape Hunt plc
("Escape Hunt" or the "Company")
Strategic and operational update
Escape Hunt, the global provider of live "Escape the Room"
experiences, is providing the following strategic and operational
update.
The 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.
Escape 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.
At 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.
The 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.
A 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 ensuring brand and quality consistency. This process
can be applied for the benefit of franchisees, as well as to the
Company's own sites.
Escape Hunt recently launched its first app "Escape Hunt: The
Lost Temples" with a positive AppStore reaction.
The international franchise business continues to perform well
and Escape Hunt's EBITDA loss before exceptional costs for 2017 is
in line with management expectations.
Richard Harpham, Escape Hunt Chief Executive Officer, said:
"We have been putting in place solid foundations to deliver
growth of the business and we remain confident about our ambitions
over the next three years. All of the work we have completed to
date shows us that Escape Hunt has significant competitive
advantage and that with the right approach to property, brand and
people will deliver exciting Escape Room experiences to
customers."
Enquiries:
Escape Hunt plc
Richard Harpham 07584 173958
Alistair Rae 07736 883934
Peel Hunt LLP
Adrian Trimmings, George
Sellar 020 7418 8900
Stockdale Securities
Ltd
Daniel Harris, Hanan
Lee
Fiona Conroy (Corporate
Broking) 020 7601 6100
Tulchan Communications
Susanna Voyle, Will
Smith 020 7353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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