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22.09.2023 09:42:49
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MBH CORPORATION PLC FURTHER EXPANDS ITS FAST-GROWING LEISURE VERTICAL WITH THE ACQUISITION OF LINCOLN LEISURE VEHICLES AND GOLDEN CASTLE CARAVANS
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MBH Corporation Plc (M8H)
[London, 22 September 2023], MBH Corporation plc (MBH), a diversified investment holding company, has today announced the completion for the acquisition of UK based Lincoln Leisure Vehicles Limited and Golden Castle Caravans Limited, expanding further the companys rapidly growing Leisure vertical business line. This acquisition closely follows the Groups recent acquisition in May, within the same Leisure vertical, of White Arches Caravans and White Arches Motorhomes. With Lincoln Leisure Vehicles Limited and Golden Castle Caravans Limited both becoming part of MBH, the Groups commercial offering in the caravan and motorhome sector is now significant and far-reaching. Lincoln Leisure Vehicles, which was founded by Stephen Tizard and Gary Holman, specialise in motorhome sales supplying quality and affordable used motorhomes and caravans. The company was established in 2014 and operates from a central location in Lincoln. The company is an approved Bailey Motorhome and Caravan dealer, as well as retailing other leading caravan and motorhome brands. Golden Castle Caravans is a long-established family-run business which was launched in 1977. The company, which is now one of the UK South Wests leading caravan and motorhome retailers, boasts a wide range of caravans, including new vehicles from Coachman Caravans & The Swift Group as well as quality used caravans that include Bailey and Elddis. Paul Seabridge, Head of the MBH Corporation Leisure Vertical, will oversee the integration of both companies into MBH, as well as managing the businesses going forward. The MBH Leisure Vertical now comprises several established UK caravan and motorhome business, which includes Robinsons Caravans, White Arches Motorhomes, White Arches Caravans, Lincoln Leisure Vehicles and Golden Castle Caravans. The combined audited revenue for Lincoln Leisure Vehicles and Golden Castle Caravans for the year ended 31 December 2022 was GBP 14.5 million and EBIT of GBP 606k. MBH is acquiring both companies for a total consideration of approximately GBP 5.2 million. The consideration will be settled as follows:
More information regarding the acquisition can be found here: https://www.mbhcorporation.com/lincoln-leisure-golden-castle-caravans-acquisition MBH Corporation Charlotte Fordham charlotte.fordham@mbhcorporation.com +44 (0) 770 396 3953 Corporate Adviser First Sentinel Corporate Finance Limited Brian Stockbridge brian@first-sentinel.com +44 (0) 7876 888 011 Information and Explanation of the Issuer to this News: Victoria Sylvester, CEO, MBH Corporation, commented: A core MBH objective is to create value for all stakeholders by bringing businesses together and enhancing collaboration. Following on closely from the Groups recent acquisition of White Arches Caravans and White Arches Motorhomes, this latest highly strategic acquisition, in the same business sector, continues to support our leadership objectives and delivering on our 2023 strategy. The Groups rapid growth in this business vertical is extremely encouraging. On a proforma basis based on 2022 results, the MBH Leisure vertical revenue is approximately GBP65m with an EBIT of GBP3m. Paul Seabridge, Head, MBH Corporation Leisure Vertical, added: Lincoln Leisure Vehicles and Golden Castle Caravans are important and significant acquisitions for MBH, adding GBP 14.5 million to the Groups annual revenue. Both companies are in a very strong financial position and this acquisition continues to support not only the growth of MBH, but also its increasing market share and competitiveness in the UKs growing caravan and motorhome market. Specifically for new caravan sales alone in the UK home market in 2022, the caravan retailers within MBH now represent 8% of the total market share [1] As previously reported by the MBH Corporation, data released by the NCC (the UK trade body representing the collective interests of four product sectors - tourer, motorhome and caravan holiday home (leisure products) and residential park homes)) states that the caravan & camping industry contributes GBP6bn to the UK economy. The sector employs around 130,000 people and it is estimated that there are 550,000 touring caravans and 225,000 motorhomes in the UK. In 2022, the total number of camping and caravanning trips in the UK reached an estimated 16.7 million, with 29% of UK adults stating that they are more likely to consider taking a camping/caravanning holiday than they were before the COVID-19 pandemic [2]. Total camping and caravanning trips are forecasted to rise by over a million by 2027, with domestic value forecasted to reach GBP2.9 billion by 2027. Camping and caravan holidays appeal to a diverse range of customers from various socio-economic backgrounds, and their reputation as a cost-effective vacation option remains strong despite the ongoing cost-of-living challenges in the UK [3]. Sources: [1] Companies being Robinsons Caravans, White Arches Caravans, Lincoln Leisure Vehicles & Golden Castle Caravans [2] UK Camping and Caravanning Market Report 2023, Mintel [3] www.ibisworld.com/united-kingdom/market-research-reports/caravan-camping-sites-industry/ About MBH Corporation MBH Corporation plc is a diversified investment holding company, listed on the Frankfurt and Dusseldorf Stock Exchanges (M8H0) and the Aquis Exchange (M8H) in London. The company acquires small to medium enterprises across multiple geographies and sectors that are well established, profitable and looking to scale. By leveraging the Agglomeration strategy, MBH Corporation plc is able to create substantial shareholder value through the consistent and accretive acquisition of excellent companies. mbhcorporation.com About Lincoln Leisure Vehicles Lincoln Leisure Vehicles specialise in motorhome sales supplying quality and affordable used motorhomes and caravans for sale from a Lincoln location. The company was established in 2014 and operates from a central location on Tritton Road in Lincoln. The company is an approved Bailey Motorhome and Caravan dealer. lincolnleisurevehicles.co.uk About Golden Castle Caravans Golden Castle Caravans is a long-established family-run business which was launched in 1977. The company, which is now one of the UK South Wests leading caravan and motorhome retailers, offers a wide range of caravans, including new vehicles from Coachman Caravans & The Swift Group as well as quality used caravans that include Bailey and Elddis. goldencastle.co.uk
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | GB00BPNYZL95 |
| Category Code: | MSCM |
| TIDM: | M8H |
| LEI Code: | 213800NXJ8SAXU8GBY43 |
| Sequence No.: | 273387 |
| EQS News ID: | 1732573 |
| End of Announcement | EQS News Service |
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