Walkabout operator to expand after equity change

Walkabout BirminghamIntertain, which operates 35 bars including the Walkabout chain, has restructured its equity to help it grow value through investment in its existing estate and the acquisition of new sites.

In addition to the equity held by management, a stake has been acquired by Barclays Ventures with the expectation that the remaining equity will be acquired jointly by TPG Opportunities Partners and Goldman Sachs.

Intertain’s debt is currently with Barclays Ventures and an entity controlled jointly by TPG Opportunities Partners and Goldman Sachs.

Intertain was formed in October 2009 to acquire the prime trading assets previously owned and operated by Regent Inns. In the second half of 2010, it embarked on a reinvestment programme in the estate and, to date, has completed 11 major refurbishments including the launch of Maluko in Leeds and the refurbishment of Walkabout in Birmingham (pictured).

This programme has delivered an average return of over 80 per cent. Up to six more refurbishments are already planned for the rest of 2013.

Chief executive John Leslie said: “I am delighted that the business is now in a position whereby the refurbishment programme can continue at pace and site acquisitions are now back on the agenda for Walkabout.

“The Walkabout brand has tremendous pedigree, the ability to deliver excellent returns on investment and great potential for growth given that it is not represented in many of the key towns and cities in the UK.

“This is a very exciting time and we look forward to working closely with our new owners.”

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