Boom Battle Bar Openings Update

RNS Number : 9756I

XP Factory PLC

22 April 2022

 

22 April 2022

XP Factory Plc

("XP Factory", the "Company" or the "Group")

Boom Battle Bar Openings Update

XP Factory (AIM: XPF.), a group of leading UK experiential leisure businesses operating under the Escape Hunt™ and Boom Battle Bar™ brands, is pleased to provide an update on new site openings since the acquisition of Boom Battle Bar™ ("Boom") in November 2021.

The Group has made significant progress, completing the integration of Boom, expanding the UK footprint and further developing the site pipeline.  At the time of its acquisition in November 2021, the Boom estate comprised one owner operated site and six franchise sites.  Today, there are a total of 11 sites trading, comprising two owner-operated and nine franchises, with a further 10 sites currently in build and scheduled to open over the coming months. Of these 10 sites, 7 are at or near build completion. Once opened, the enlarged estate of 21 sites will comprise 6 owner-operated and 15 franchise venues.  Further sites are well progressed and expected to commence build over the summer and ensuing months.

Highlights:

· Progress so far provides confidence that the Board's target of 27 open Boom venues by the end of 2022 will be comfortably met

· Trading performance across both owner-operated and franchise sites is validating the Board's box-economics expectations for both sales and profitability

· Operating leverage is steadily progressing month-on-month in line with the Board's expected maturity profile

· Co-located sites for Boom and Escape Hunt are to open soon in Exeter, Edinburgh and on Oxford Street 

· The team has been bolstered in line with plans, providing capacity for the further anticipated roll out

Further details will be provided in the Company's audited final results for the year ended 31 December 2021 which are expected to be released in late May 2022 and which are expected to show performance in line with the Company's trading update announced on 26 January 2022.

Commenting on the update, Richard Harpham, Chief Executive of XP Factory plc, said "We are delighted at how well Boom Battle Bar has been integrated into the Group.  It has been an extremely busy period for site development and we have an exciting run of openings in the coming weeks and months which position us well to deliver on our estate targets for the end of the year.  The recent performances from our new Boom sites have validated our expectations for the site level profitability we believe is achievable. In addition, Escape Hunt performance has exceeded expectations for Q1, giving us confidence for the execution of our strategy as a whole."

Enquiries:

XP Factory Plc https://www.xpfactory.com/ Richard Harpham (Chief Executive Officer) Graham Bird (Chief Financial Officer) Kam Bansil (Investor Relations)	[phone]
Shore Capital, NOMAD and Broker https://www.shorecap.co.uk/ Tom Griffiths/David Coaten (Corporate Advisory)	[phone]
IFC Advisory - Financial PR  https://www.investor-focus.co.uk/ Graham Herring Florence Chandler	[phone]

Notes to Editors:

About XP Factory plc

The XP Factory Group is one of the UK's pre-eminent experiential leisure businesses which currently operates two fast growing leisure brands.  Escape Hunt is a global leader in providing escape-the-room experiences delivered through a network of owner-operated sites in the UK, an international network of franchised outlets in five continents, and through digitally delivered games which can be played remotely. 

Boom Battle Bar is a fast-growing network of owner-operated and franchise sites in the UK that combine competitive socialising activities with themed cocktails, drinks and street food in a high energy, fun setting.  Activities include a range of games such as augmented reality darts, Bavarian axe throwing, 'crazier golf', shuffleboard and others.  The Group's products enjoy premium customer ratings and cater for leisure or teambuilding, in small groups or large, and are suitable for consumers, businesses and other organisations. The Company has a strategy to expand the network in the UK and internationally, creating high quality games and experiences delivered through multiple formats and which can incorporate branded IP content. ( https://xpfactory.com/ )

Facebook:   EscapeHuntUK  BoomBattleBar

Twitter:   @EscapeHuntUK  @boombattlebar

Instagram:   @escapehuntuk    @boombattlebar

 

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