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Escape Hunt to acquire European competitor
StockMarketWire.com
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Escape Hunt is acquiring European competitor French Master Franchise, for a consideration of approximately £330,000.
Both companies have conditionally agreed terms for the acquisition.
These funds will come from a £1.4 million fundraise the AIM-listed escape room operator is preparing in connection to the acquisition.
The fundraise is based on a placing of over 8 million shares at 1.25p each.
£150,000 of this will be used to fund further investment in the French and Belgian business, with the rest being used to continue the roll-out of Escape Hunt's UK sites.
Escape Hunt CEO Richard Harpham said: 'Prior to COVID, the French/Belgian territory was a very strong performer for Escape Hunt and we are confident that demand will return to previous levels once the current restrictions are lifted.'
At 1:55pm: (LON:ESC) Escape Hunt Plc share price was 0p at 13.5p
Story provided by StockMarketWire.com
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