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Snoozebox Holdings

  • BY: Andrew Hore |
  • POSTED: 30/05/2013 |

Portable modular hotel rooms supplier Snoozebox is raising £10.1m for additional working capital and investment.

The £9.5m raised after expenses was at 24p a share, which was a 4% discount to the previous closing price but well below the high of 75.75p reached at the beginning of 2013, will mean that Snoozebox can fulfil its contractual commitments for the next two years. There will also be cash costs of restructuring the business. Business systems are being improved.

Snoozebox withdrew from two of the 14 events it originally expected to attend because those two events would not have made an adequate return.

Management believes that there is a better market in providing medium-to-long-term accommodation for local authorities, hospitals, etc. Semi-permanent deployments, such as at Thorpe Park, are also more financially viable than short-term events. The focus will be the UK.

Founder Robert Breare and former finance director Chris Upton have left the board.

At 26.5p a share, up 1p, the existing share capital is valued at £17.6m.

There are no forecasts at the moment.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf

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