Dunedin enterprise realises investment

RNS Number : 4110S

Dunedin Enterprise Inv Trust PLC

30 November 2012

 

Dunedin Enterprise realises investment in etc.venues

30th November 2012

Dunedin Enterprise Investment Trust PLC ("Dunedin Enterprise") has exited from its investment in etc.venues, the UK market leading conference and training venues business.  The exit has realised a multiple of greater than 3x. This represents the fourth portfolio exit for Dunedin Enterprise in 2012, following the sale of its stake in Capiton IV in August and its realisations of WFEL and Capula in May. Capital and accrued interest in etc.venues were valued at £8.7m as at 30 September 2012. In the period since that date, capital of £8.2m and income of £0.8m have been realised from the investment. The cost of the investment at 30 September 2012 was £3.4m.  At least 50% of the capital gain over cost together with the income realised from the exit will be returned to shareholders in due course. Dunedin, the manager of Dunedin Enterprise, backed the MBO of etc.venues in June 2006. With Dunedin's backing the business has consistently grown year on year through a new venue roll-out programme and the significant expansion of its existing venues. Sales have increased from £9m to £22m and EBITDA has grown from £2m to more than £5m, in the period from 2006 to the year ending June 2012. Shaun Middleton, Managing Partner of Dunedin, said: The investment in etc.venues has produced a strong return for Dunedin Enterprise shareholders. The business has performed very well, despite challenging markets. It has pursued a strategy of selecting the right properties, negotiating attractive leases and opening new venues, on time and on budget.  The company has a proven, scalable business model, which involves the integration of high quality venues with the highest of standards of hospitality and event management. "

 

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