Better Capital has reported a “strong year” for Walkabout operator Intertain under its ownership.
The Jon Moulton-led private equity firm acquired Intertain in November 2014. The group subsequently went through a Company Voluntary Arrangement and his since invested heavily in its existing estate and in acquisitions.
Intertain is part of Better Capital’s Fund II, which in the year to 31 March, recorded a 5.8% fall in net asset value to £253.7m. Better Capital said the fall was driven by write downs in Everest, SPOT, CAV Aerospace and Jaeger, offset by a write up in Intertain.
The group said: “Intertain, which operates predominantly the Walkabout late-night venues, has enjoyed a strong year under Fund II’s ownership. Unencumbered from certain loss-making venues following a Company Voluntary Arrangement (CVA) in February 2015, the business has been able to invest into the existing estate and acquire additional sites. These new investments have performed to expectation.”
Fund II’s investment period terminates on 30 June, and is therefore no longer permitted to invest in new platform investments. However, as of 21 June, there was £14.8m of cash in Fund II.