Acquisition of new site
Monday 10 August: For immediate release
HOLIDAYBREAK PLC
ACQUISITION OF NEW SITE FOR EDUCATION DIVISION
Holidaybreak, the education, leisure and activity travel group, announces that it has exchanged contracts to purchase a 150 acre site at Liddington, Wiltshire from the administrators of The Liddington Hotel Limited. The consideration (including fees) is £9.44m. A further investment of up to £3.2m in the site's facilities will be spread over 2010, 2011 and 2012.
Completion is expected on 18th September 2009.
This follows the recent successful completion of the £31m rights issue, which provided the Group with the capital to exploit such investment opportunities for its education businesses.
The site, formerly a training centre and more recently a hotel, will open as a PGL outdoor education centre for the 2010 season.
John Coleman, executive Chairman said:
"We announced at the time of the rights issue that we have a clear strategy for expanding our Education Division and Liddington is an excellent addition to our portfolio of outdoor education centres. The Education Division will continue to be the key driver of growth for the Group and we are looking for further locations for PGL centres, as well as sensible smaller bolt-on Education businesses.
Martin Davies, Managing Director of the Education Division, said:
"We are delighted to announce the purchase of our latest centre at Liddington, near Swindon. The location, just off the M4 means that this 150 acre site is easily accessible for schools in the Midlands, South West and London. The centre can already accommodate 400 guests, with the potential to increase the capacity to 800 beds. The excellent existing infrastructure allows us to get up and running very quickly and we look forward to welcoming our first guests in spring 2010."
Enquiries:
Bob Baddeley, Holidaybreak +44 (0)1606 787 101
Catherine Hicks / Craig Breheny/ Oliver Hughes, Brunswick +44 (0)20 7404 5959
Note to Editors
Holidaybreak (HBR.L) is a leading education, leisure and activity travel group listed on the London Stock Exchange. The Group's four operating divisions have market leading positions in the UK and other major European markets, organising educational and activity trips for UK school children, short breaks in the UK and Europe, worldwide adventure holidays and mobile-home and camping holidays on sites throughout Europe. For more information, please go to www.holidaybreak.co.uk.
This information is provided by RNS
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