Deltic Group has secured a new £20m debt facility with HSBC.
Speaking at Peel Hunt’s Leisure Conference today (19 April), chief executive Peter Marks said the new package formed part of phase three of its current business strategy – which commences this year.
It includes targeting new site and multi-site acquisitions, as well as large-scale acquisitions if they are the right fit and price.
The first round of the Group’s refurbishment programme – “which is the big rocket fuel for us” – is due to complete this financial year, and once finished there will be an additional £4m of free cashflow, said Marks.
“We are in a good place, a transformational year, maybe we could do some new sites or some larger scale acquisitions – and we recognise that in our space, it’s a buyer’s market,” said Marks.
He added that it is important for companies to invest across your estate, because if you only invest in a select few sites and neglect 95% of your estate, “you are heading for trouble”. “Invested clubs in healthy towns have always done well,” he added.
