DGAP-Ad hoc: Holmes Investment Properties PLC

Purchase of golfing centre delivers first leisure venue
for Holmes Investment Properties Plc
 

- Major expansion of Group activities

- First leisure centre acquisition

- Venue delivers consistent profit year on year

- New management joins HIP

- Operation will be integrated into HIP Entertainment subsidiary

Holmes Investment Properties Plc (HIP) are pleased to announce the purchase of Ashtour Ltd, creating HIP's first, open leisure venue. Ashtour Ltd manages a golfing centre in south-east London, with a golf range comprising 24 bays and an 18-hole adventure golf course. There is also an American Golf retail outlet on site. Ashtour Ltd has been consistently profitable, delivering a six-figure profit in 2017.

Ashtour Ltd was owned by Mr Grant Wright, now Managing Director of HIP Entertainment Ltd, and senior manager at HIP. The management of the Ashtour site in London will be integrated into The Company's HIP Entertainment subsidiary.

Commenting on the purchase of Ashtour Ltd, Martin Helme, CEO said: "Ashtour is the perfect fit for HIP for many reasons: Firstly, we have bought a going concern with cash flow and on-going profit. Secondly, we are bringing on board a professional team of leisure specialists, who will help us expand our current business. Thirdly, some of the elements of the Ashtour site - in particular, the adventure golf activity - will now be expanded into many of our forthcoming leisure centres. The Ashtour purchase is part of our published plan to open twelve leisure venues over five years, and we are delighted to welcome the Ashtour staff to the Holmes family."

Mr Grant Wright, Managing Director of HIP Entertainment Ltd said: "I am very excited about this synergistic opportunity. This purchase allows HIP to merge its activities with Ashtour, bringing experience, expertise, cash flow and profit. The purchase of Ashtour brings HIP Plc its first fully functioning leisure site and ensures the venue roll out schedule is on plan. We have ambitious plans for the site and we aim to invest in an effort to boost revenue for future years."

HIP Plc is paying £500,000 for Ashtour Ltd.

Contact:

Martin Helme, Chief Executive Officer
+44 (0)7779 601541 or +44 (0)203 709 7120
Martin@hip-prop.co.uk

OR

Murray Harkin, The Lyndon Agency
+44 (0)77852 54639
Murray@mhapr.co.uk