Our Companies
Company
Westvale
Sector
Leisure
Location
Midlands/North of England
Status
Realised
Background
Walker Leisure, trading as Westvale operated 13 bingo clubs in the Midlands/North of England.
Deal Information
Deal size: £10 million
Deal size at exit: £16.5 million
IRR: 37.4%
Date of investment: July 2003
Date of exit: August 2005
Sold to: Top Ten Holdings plc
Investment rationale and value creation
We were attracted to this business which offered good cash cover and an opportunity to de-gear, in a relatively short timeframe. There was clear development potential in a number of sites for an operator with more commercial flair. The business had a high level of asset security, providing downside protection.
We worked closely with the management team to support its capital expenditure programme resulting in significant profit improvement and a successful exit ahead of schedule.
