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Escape Hunt completes acquisition of Middle East franchise, reopens in Dubai
StockMarketWire.com
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Escape rooms operator Escape Hunt said it had completed the acquisition of its Middle East master franchise partner, Escape Hunt Entertainment, with the Dubai site set to reopen on 20 October.
The acquisition was subject only to the formal registration of the sale which was scheduled to take place on 22 October 2020. 'The Dubai site is re-opening for business today under Escape Hunt's control,' the company said.
'The acquisition is expected to significantly increase the contribution from the region,' it added.
In 2019, the Dubai site had turnover of approximately £490k and the company said it expected to run the site on similar operating metrics to a UK site.
Escape Hunt's revenue share from the Middle East sub-franchisee network will rise from 5% to 10% as a result of the acquisition.
'In the light of COVID19, the Middle East regional sub-franchisee network is being reviewed and sites will either re-open and remain part of the network, or new partners will be sought to expand the regional network in time,' Escape Hunt said.
At 9:45am: (LON:ESC) Escape Hunt Plc share price was -0.18p at 8.13p
Story provided by StockMarketWire.com
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