All Leisure group plc ("All Leisure" or "Company") is pleased to announce that the group has signed an agreement with Ernst & Young, acting as administrators for Hebridean International Cruises Ltd. and Leisure and Marine Holdings Ltd., for the acquisition of the cruise ship Hebridean Princess and other related assets for a cash consideration of £1.4m, payable today from the Company's existing resources ("the Acquisition").All Leisure group plc, which operates Swan Hellenic and Voyages of Discovery is pleased to announce that continue to operate the Hebridean Princess on distinctive cruises around the Scottish Highlands and islands and through the Norwegian fjords. The company will continue to operate from its head office in Skipton.
The Hebridean Princess carries 49 passengers and 37 crew offers luxury cruises from March through to November and operates principally from Oban in Scotland around the Scottish Highlands and Islands and Norwegian Fjords.
In the year to 30 November 2008 the Hebridean Princess generated revenue of c.£7.0m and profit before taxation of c£1.2m. The provisional fair value of net assets being acquired is £4.1m and on this basis management expect the overall contribution to profits in the current financial year to be broadly neutral.
Roger Allard, Group Executive Chairman said "This Acquisition is our first investment of the funds raised on flotation and represents, as promised, a continuation of All Leisure's strategy to acquire established niche destination-led brands. Hebridean Princess justifiably enjoys the exceptionally high levels of both passenger loyalty (historically enjoying over 50% repeat passenger business) and customer support that a product of this quality and profile should demand."
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