Better Capital, the backers of Intertain, have told the City that the Walkabout operator is now poised for growth after a successful restructure.
Better Capital acquired all Intertain’s debt facilities in 2012 and invested £20m in the business. After Intertain entered into a Company Voluntary Arrangement (CVA) in January, with the aim of focussing on smaller core sites, Better Capital assumed equity control of the companies.
In a note to the London Stock Exchange this morning Better Capital said: “The core estate is expected to generate solid earnings before interest, depreciation and exceptional costs in the year to 31 January 2016.
“With the restructuring now complete, Intertain can focus on its underlying business and drive growth from its existing platform. Intertain is actively searching for acquisition opportunities to increase the size of its estate.”
Intertain chief executive John Leslie said: ”I am delighted we are now in a position to continue our refurbishment programme. We have achieved great returns on previous investments, so we’re very excited about the future.
“Walkabout is a strong brand with great potential for growth. We are not represented in many of the key towns and cities in the UK, but this new facility will allow us to look for opportunities to grow the business.”
