Member Article

Sceptre Leisure announces £20m refinancing

Preston-based business, Sceptre Leisure has unveiled a £20m refinancing package with Chenavari Investment Managers.

Sceptre Leisure is an operator of coin gaming machines, and hopes to use the funding package to grow and develop the business.

Law firm Grant Thornton’s Manchester office advised on the sourcing and securing of finance, which is made up of both a senior debt and mezzanine fund.

Ken Turner, chief executive of Sceptre Leisure, said: “The flexible nature of the funding package, together with our ability to work with Chenavari’s senior decision makers throughout the deal process clearly set them apart as having a differentiated business model.

“With Chenavari’s support, Sceptre is in a strong position to continue to provide its first class service to its existing customer base and exploit further growth opportunities in the UK market.”

Sceptre Leisure is the holding firm for four other gaming suppliers, and has grown to be one of the UK’s biggest rental and operation businesses for coin amusement machines.

Jerry Wilson, who headed up the deal for Chenavari, commented: “It’s a privilege to have the opportunity to support a well-run UK business, with a very talented management team through its next phase of growth.

“Under the stewardship of Ken Turner and his team, Sceptre has grown to become a significant player in the UK leisure sector and our flexible package of funding will enable it to continue to grow both organically and by acquisition.”

Grant Thornton partner, Ali Sharifi, who is part of the Corporate Finance Team, commented: “Sceptre is another example of how successful SMEs are struggling to access finance for growth from traditional bank lender.

“We are extremely pleased that Chenavari has been able to offer a debt package to support Sceptre’s continued growth.

“The new debt facilities provide Ken and his team with the financial power to execute the next stage of their growth plan – these are exciting times for Sceptre.”

Sceptre listed on the AIM in 2008 but withdrew from the market in 2012 after directors said its trading price did not mirror the business’ true value.

This was posted in Bdaily's Members' News section by Miranda Dobson .