RNS Number : 7152V
Belvedere Leisure Resorts PLC
05 December 2019
 

Belvedere Leisure Resorts plc

("Belvedere" or the "Company")

 

First Day of Dealings pursuant to Bond Programme for up to £25million 6.25% secured bonds

 

Belvedere Leisure Resorts plc is pleased to announce that its programme, which is not anticipated to exceed an aggregate principal amount of up to £25million (the "Bond Programme") to offer 6.25% secured bonds of £1 nominal value each (the "Bonds") will be approved at 8.00 a.m. today on the NEX Exchange Growth Market ("Admission"), under ticker BELV. In connection with the Bond Programme, Belvedere Leisure Resorts plc has applied for admission to trading of 107,000 Bonds, representing the first tranche of Bonds (ISIN number GB00BK6V0732) on the NEX Exchange Growth Market ("NEX"), with effect from 8.00a.m. today ("Admission").

 

The Company expects to apply for admission to trade subsequent tranches of Bonds in a continuous or repeated manner, in accordance with its Base Admission Document dated 4 December 2019, which is accessible on its website, www.belvedereleisureresortsplc.com, and which will contain the additional information required under Rule 71 of the NEX Exchange Growth Market Rules for Issuers.

 

Company Profile

Belvedere Leisure Resorts plc is a recently-formed, wholly-owned subsidiary of Belvedere Leisure Park Limited ("BLP Ltd"). BLP Ltd is a holding company, established in 2015, that owns Barncrosh Farm, Bridge of Dee, Castle Douglas, Dumfries & Galloway, Scotland, DG7 1TX, and full planning permission (171800/FUL) is in place to install a lodge park resort comprising of 444 luxury holiday lodges with four-star central facilities and all other required facilities set amongst 109 acres just 15 minutes from the coast of South West Scotland, in one of the UKs most unspoilt areas of natural beauty. This is the first purpose built Landal GreenParks UK Limited ("LGP" or "Landal GreenParks") resort in the UK and will be a flagship resort for Awaze Limited ("AZ"), who is the parent Company of Landal GreenParks. AZ is Europe's leading managed vacation rentals group with over 110,000 accommodation choices in 36 countries handling over 8 million holidaymakers each year. The Bond will attract interest at a rate of 6.25 per cent, payable bi-annually in arrears, commencing 12 months from the issue of the first tranche.

BLP Ltd has successfully secured a 25 year management and marketing services contract with Landal GreenParks ("LGP"), a well-established and award winning holiday resort operator and destination brand who have over 90 locations across 9 countries in the UK and Europe.  This is the first UK management arrangement in the UK and the first purpose built Landal GreenParks resort.  LGP is part of Awaze - Europe's leading managed vacation rentals and holiday resorts business.  Home to specialist self-catering brands such as Hoseasons, cottages.com, James Villas, Novasol and of course Landal GreenParks, the Company accommodates more than 8m holidaymakers each year and offers more than 110,000 places to stay in 36 countries.

 

Brief biographical details of the Directors are set out below:

 

Alan McNamara, Executive Director (aged 44)

Alan is the Chairman of the Group and has extensive experience in financial services and property development. Starting out at HSBC, Alan digressed into credit brokering with his own company before entering into privately funding UK SME developers. Having evolved with his experience providing consultancy services to his private clients, he then progressed into developments on a range of Private Rented Sector and student schemes across the UK on a JV basis. It was from learning of Alan's experience with leading three projects in three sectors (hotel, student and residential), that Alan was introduced to this exciting opportunity three years ago and has since worked on driving the project and bringing in Awaze and the concept of bringing Landal GreenParks into UK resort management on a long term basis.

Paul Brazewell, MRICS, Executive Director (aged 48)

Paul is a member of the Royal Institution of Chartered Surveyors with almost three decades of experience in cost consultancy & project management at director level in both the public & private sectors, specialising in commercial & residential projects covering nationwide schemes in excess of £60m. From a Quantity Surveyors/Project Management perspective, Paul has been extensively involved with the the Landal Belvedere Site over the past 2 years working closely with the design team & Landal GreenParks to help mould this exciting resort to the shape it is today.

Christopher Eddlestone, Independent Non-Executive Director (aged 69)

Formerly a corporate partner at Squire Patton Boggs ("SPB"), a full-service global law firm, Chris is the co-founder of the Annual Hotels Conference, with over 30 years of experience in the legal and operational aspects of leisure businesses. He was a partner at two leading regional law firms, progressing into international corporate law and was the Global head of the hospitality and leisure services team at SPB, which had 18 partners in the group. Chris now has interests in a growing UK hotel chain (operating under the global IHG brand) and is delighted to be working again with Europe's leading European vacation rentals group.

Ken Hillen, Independent Non-Executive Director (aged 63)

Following a degree in economics from The University of Edinburgh, Ken began his career in 1977 with the Royal Bank of Scotland. He went on to hold a number of senior banking roles including senior corporate director at RBS, managing director for Scotland and Northern Ireland at Anglo Irish Bank and, until 2009, head of commercial and corporate banking for Scotland at the Bank of Ireland.

Ken is currently a non-executive director and Chairman of SQN Secured Income Fund plc, an investment company listed on the Main Market of the LSE and of Salutem Healthcare Limited, a private equity backed provider of specialist healthcare, to name but two of his appointments.

For further information, please contact:

Alan McNamara
Executive Director
Belvedere Leisure Resorts plc
Tel: +44 (0)20 3773 1361

www.belvedereleisureresortsplc.com

 

NEX Exchange Corporate Adviser  

Alfred Henry Corporate Finance Limited
Jon Isaacs
jisaacs@alfredhenry.com 

www.alfredhenry.com 

Tel: +44 (0) 203 772 0021

 

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