12 May 2020
Belvedere Leisure Resorts plc
("Belvedere" or the "Company")
The Directors of Belvedere are pleased to provide the following update to the market.
The Company was in the advanced stages of securing significant subscriptions from two funds (one of which filed their subscriptions to the financial services regulatory authority in the Netherlands & were approved) but the subscriptions were postponed due to the outbreak of the COVID19 pandemic.
The Company remain in dialogue with these two funds and will continue to work together until restrictions are eased both in the UK and mainland Europe to then revisit closing the subscriptions from them.
The lockdown imposed by UK Government meant that the Company are complying with both Parliament and the First Ministers clear instructions. Belvedere are pleased to advise they are in regular dialogue with lobbyists & industry commentators to ensure full compliance & are in position to further increase productivity on-site once restrictions are eased in the very near future.
As a consequence of COVID19, the Board have been in dialogue with Landal GreenParks & Awaze and they maintain their full support for the leisure scheme. Furthermore, it has been agreed between Belvedere and Landal GreenParks that Phase one of the Project is to be split into two parts, which is an excellent step.
The changes mean that the first stage of Phase 1 will see the opening of the Landal Belvedere resort will be brought forward to February 2021 with the first 50 lodges being made available for self-catering holiday bookings through Landal, Hoseasons and Awaze. The second stage of Phase 1 will see the remaining 70 lodges plus the central facilities opening later that year (autumn/winter 2021).
Landal GreenParks / Awaze believe that until a vaccine is made available to society, social distancing measures will have to remain in place in some form and so demand for the project and similar projects around the UK and Europe will increase. The split of Phase 1 is a real positive for all parties as the resort will open earlier than originally planned and will therefore be generating revenue sooner than forecast.
As a consequence of splitting phase one the Company and its professional team are now working on revising the development programme & the critical path for delivery.
The Company's investor relations team have been active during the lockdown in signing up brokers who are attracting interest from international investors and there is confidence from the brokers that, despite the current COVID19 issues, the Company should start to receive bond subscriptions in the foreseeable future. The board welcome the excellent progress being made here and look forward to further updating the market on progress in the coming weeks.
For further information, please contact:
Mr Alan McNamara
Belvedere Leisure Resorts plc
T: + 44 (0) 7851 88 00 70
Alfred Henry Corporate Finance Limited
NEX Corporate Advisor to Belvedere Leisure Resorts plc
Tel: +44 (0) 203 772 0021
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