News blog
Discover Leisure
- BY: Andrew Hore |
- POSTED: 12/03/2008 |
Discover Leisure has acquired a motor home dealer in Staffordshire for £2.66m.
The dealership is being acquired from Brownhills, the leading motor home dealer in the UK. It has been in trouble for a while and this enabled Discover to snap up the site, which improves its coverage of the Midlands.
The Cannock-based business generated turnover of £13.2m in 2007, which was 27% lower than in 2006. Discover will introduce caravans to the 5 acre site as well as other accessories for motor home and caravan owners.
Discover’s net debt was £11.2m at the end of August 2007. The cash paid out on this acquisition will increase that figure. This is still less than the value of the land that Discover owns.
The shares rose 0.375p to 9.75p, valuing the company at £15.1m. Discover is trading on less than seven times house broker Panmure Gordon’s forecast earnings for the year to August 2008.
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