Frasers Group Accounts confirm CBS Area purchase price, revenue & losses (1 Viewer)

[biggymania]

Not sure if anyone has talked about this yet, but the Fraser Group have published their 22/23 accounts - this is the year that included their purchase of the arena.

I am a mere amateur, but I was curious and had a look at them. It looks like ownership is under a subsidiary called Coventry Arena OpCo Limited and as such they don't file accounts for that in isolation, everything is wrapped up under the Frasers Group PLC accounts which you can read for yourself here:

Frasers Group PLC 22/23 Accounts

The reported fee in the press I think was £17M and their accounts show £18M if you include transaction costs:

Coventry Arena

On 17 November 2022 the Group acquired the trade and assets of Arena Coventry (2006) Limited, Arena Coventry Limited and IEC Experience Limited for cash consideration of £15.8m. The acquisition shows our commitment to the Coventry area further to our investment in a site, subject to planning, for a new delivery centre and campus at Ansty.

Book Value Fair Value Adjustment Fair Value (£m) (£m) (£m)
Property, plant and equipment 15.8 - 15.8
Net assets acquired 15.8 - 15.8

Transaction costs for the acquisition of Coventry Arena totalled £2.2m.

Although they didn't have the Arena for the entire 22/23 period, they do outline the total revenue and losses. £13.4M of revenue and £7.0M of losses. Because it's a subsidiary there is really no more detail.

The group has a lot of businesses segments, but they refer to the Arena purchase as part of the "UK Sports Retail" segment and refer to it as:

Coventry Arena a world class exhibition, event & conference centre

 

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[exhallskyblue]

Wonder how much of tax payer money was squandered