24 September 2020

Belvedere Leisure Resorts plc

 ("Belvedere" or the "Company")

CORPORATE UPDATE

The Directors of Belvedere are pleased to provide the following update to the market.

Following on from the Company's last update to the market, discussions have now successfully concluded with Landal GreenParks UK Limited ("Landal") regarding a change to the strategy for delivery of leisure parks within the UK.

The Company is pleased to announce that following these discussions a formal agreement has been signed between Landal and the Company to deliver services within the UK to accommodate the growing demand for domestic tourism and staycations. 

The contract provides exclusivity to the Company for partnering with Landal in respect of the Barncrosh Site with effect from 1 September 2020 to 31 December 2020, to enable the progression with the delivery of the first 50 units, with the full long-term 20 year arrangement then taking effect.

Fundraising continues to gather momentum.  The Company has accepted its first subscriptions since the COVID19 pandemic outbreak, and a separate pricing supplement is being issued to deal with that, and there are a number of subscriptions pending, with the Company in the process of dealing with a large potential subscription from a discretionary fund manager. 

Also, following on from the evolution of strategy highlighted to the market in August, the Company is delighted to confirm that on 22 September it exchanged on a deal to acquire land in Dunfries & Galloway  with a view to implementing the first 50 lodge leisure development scheme, pursuant to the agreement signed with Landal. 

The property being acquired is situated at Barncrosh Meadows, Bridge of River Dee, Castle Douglas, Dumfries & Galloway, DG7 1TX.  The total price agreed is £500,000, with a deposit of £50,000 and then the balance payable in instalments over a 12-month period.  The deposit is being funded from sums already raised by the Company.  The Company will also be utilising further funds raised from subscriptions. 

This strategic acquisition supports the Company's position, giving bondholders tangible asset backed security.  This is the first of several sites the Company will be exploring.

Following on from our announcement in August we are continuing negotiations to acquire the original Barncrosh Site at Barncrosh Farm.   The purchase of Barncrosh Meadows and our agreement with Landal put the Company, we believe, in a strong position to reach a successful outcome in this regard.

For further information, please contact:

Mr Paul Brazewell
Executive Director

Belvedere Leisure Resorts plc

T: +44 (0) 203 773 1361
Email: invest@belvedereleisureresortsplc.com

Alfred Henry Corporate Finance Limited
AQSE Corporate Advisor to Belvedere Leisure Resorts plc
Jon Isaacs
www.alfredhenry.com
Tel: +44 (0) 203 772 0021