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

 

[exhallskyblue]

Wonder how much of tax payer money was squandered

 

[pusbccfc]

Losses at Coventry arena revealed following Mike Ashley takeover

The Coventry Building Society Arena lost more than £4m in the first six months after being acquired by Mike Ashley, it has been revealed.

www.cityam.com

 

[SkyBluePower]

Wouldn’t be surprised if that situation has completely reversed by now given the volume of events there now and the income 25000 Coventry fans every other week must be generating for them.

 

[Ashdown]

There were a lot of visible improvements around the concourses and around the Arena in that early time period. That will account for a lot of expenditure. Probably financial costs associated with the purchase too ?!

 

[Gynnsthetonic]

The place was on its knees I heard, Frasers have chucked millions on it to get it back up to standard. A loss leader to get on side with local councils to get the Ansty Park site

 

[cstring82]

The place was on its knees I heard, Frasers have chucked millions on it to get it back up to standard. A loss leader to get on side with local councils to get the Ansty Park site

Isn’t Antsy Park with Rugby Borough Council not Coventry though?

 

[shmmeee]

Probably be cheaper to buy councillors the old fashioned way.

 

[Flying Fokker]

Wonder how much of tax payer money was squandered

That’s how the private and public sector work.

 

[Sky Blue Harry H]

Is our rent agreement for 5 years (2 now gone?)

 

[Gynnsthetonic]

Isn’t Antsy Park with Rugby Borough Council not Coventry though?

I think it's a joint venture. Coventry Council will be part of it as its so close to the boundary

 

[cstring82]

I think it's a joint venture. Coventry Council will be part of it as its so close to the boundary

Fair enough, used to be interesting as I worked there and whenever I did something at Coombe Abbey I had to deal with RBC for planning and not my own

 

[Gynnsthetonic]

Fair enough, used to be interesting as I worked there and whenever I did something at Coombe Abbey I had to deal with RBC for planning and not my own

Coventry Council own Coombe Abbey

 

[cstring82]

Coventry Council own Coombe Abbey

I know but planning was via RBC and most things I worked on needed planning due to the Listed status. The ‘sister’ company also does well out of the hotel too.

 

[Gynnsthetonic]

Fair enough, used to be interesting as I worked there and whenever I did something at Coombe Abbey I had to deal with RBC for planning and not my own

Big projects like the Ansty Park development , I'm sure with the boundaries so close all the local councils will have a say

 

[oldfiver]

Is our rent agreement for 5 years (2 now gone?)

Gateshead FC fans react to National League play-offs ban

Fans say the club is being penalised "arbitary" rules and are calling for the EFL to reconsider.

www.bbc.co.uk

Worrying?

 

[Ashdown]

Our agreement was for 10 years wasn’t it?

 

[shmmeee]

Our agreement was for 10 years wasn’t it?

5 I believe. Like everything else Doug does

 

[MalcSB]

Our agreement was for 10 years wasn’t it?

The agreement with Wasps was for 10 years, its 5 years with Frasers.

 

[biggymania]

COVENTRY ARENA OPCO LIMITED filing history - Find and update company information - GOV.UK

COVENTRY ARENA OPCO LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

CoventryArena OpCo did submit accounts and they're available to read now via the above link, but they only cover the period up until the Frasers Group takeover in November 2022. So really not that revealing as it's a short period from May-November 2022 covered of the 22-23 tax year I suppose and doesn't tell us much of anything about the current situation.

So we won't learn much of anything until 23-24 accounts from Frasers Group come in next year and they are likely to be light on detail because it's all wrapped up in the group accounting.