Stagecoach Theatre Arts PLC
6 June 2002
Stagecoach Theatre Arts plc
Acquisition of Stagecoach USA
Stagecoach Theatre Arts plc ('the Company') announces today that it has acquired
51% of Stagecoach Theatre Arts Schools Limited ('Stagecoach USA'), a company
which operates five Stagecoach schools and owns all the Stagecoach operations in
the United States of America, such that the Company now owns 100% of Stagecoach
USA.
Stagecoach USA (a company incorporated in the State of Minnesota, USA, and
formerly known as Stagecoach Theatre Arts (Minnesota) Limited) commenced trading
in 1997 through an equal partnership between the Company and Simon McAllister, a
USA resident. Stagecoach USA has successfully demonstrated that Stagecoach
Schools can be run using the same format as schools in the UK. At the date of
acquisition, Stagecoach USA owns and operates five Stagecoach Schools for 6 to
16 year olds and five Early Stages classes for 4 to 6 year olds. Currently the
schools have 222 students from a maximum capacity of 225, and full Early Stages
classes of another 75 students, as well as running additional Summer Work Shops.
For the year ending 31st August 2001, Stagecoach USA reported turnover of
$270,203 and profit before tax of $6,995.
The main terms and conditions of the acquisition of Stagecoach USA are:
• Initial consideration of $61,000 payable in cash;
• Deferred consideration payable in cash over three years of up to a maximum
of $90,000, subject to student number targets being achieved;
• the vendor, Simon McAllister, becoming the Chief Operating Officer of
Stagecoach USA and entering into an appropriate employment agreement; and
• warranties provided by the vendor as to the current financial position of
Stagecoach USA.
Expansion in the USA has to date been restricted to limited areas to ensure the
viability of the business model in the USA. The acquisition represents the
beginning of the exciting opportunity to broaden the scope of overseas
operations following a successful trial period in the USA of over four years.
For further enquiries, please contact:
Richard Dawson, Finance Director, Stagecoach Theatre Arts 01932 256 244
Henry Turcan, Financial Adviser, Beeson Gregory 0207 488 4040
6 June 2002
END
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