A £20m package of flexible funding has been secured by Sceptre Leisure, one of the UK’s largest machine operators, through a UK private credit team at Chenavari Investment Managers.
The funding comprises both senior debt and mezzanine finance and will support Sceptre Leisure’s next phase of growth.
This will effectively kill off rumours within the UK amusement and gaming industry that giant German operators Gauselmann Group is poised to take over the Bamber Bridge-based company, which operates 20,000 pieces of equipment, mainly in British pubs.
Ken Turner, founder and CEO at Sceptre, said: “We are now in a strong position to continue to provide a first-class service to our existing customer base and exploit further growth opportunities in the UK market.”
Grant Thornton UK’s Corporate Finance team advised Sceptre and its Ali Sharifi, partner, pointed out that it was difficult for companies in the UK right now to access finance for growth from traditional bank lenders. “We are delighted that the solution does not involve the shareholders selling an equity stake in their business to outside investors.
For the year ended April 30, 2012, Sceptre Leisure plc had revenues of £36m and generated EBITDA of £9.7m.
