Essenden Buys Tenpin Bowling Centre
October 31, 2014
Coffer Corporate Leisure is delighted to announce that its client Essenden Plc has, through its subsidiary company Tenpin Ltd, purchased and simultaneously sold and leased back, the Superbowl tenpin bowling business in Doncaster.
The long leasehold business was acquired from PwC the Administrative Receivers to Keith Brown Properties (Hull) Limited. Coffer Corporate Leisure facilitated the transaction by negotiating a simultaneous sale and leaseback of the property to Asda Pension Fund Trustees (represented by OLIM Properties) to fund the business acquisition.
Developed in 1989, the 23,695 sq ft purpose built property was extensively refurbished in 2010 and provides 24 synthetic lanes as well as bar, breakout areas, amusement and catering facilities.
The sale generated significant interest resulting leading to multiple bids and culminating in a best bids process which Tenpin were able to successfully win.
Richard Darwin, Finance Director of Essenden plc the parent company of Tenpin Ltd commented: “With the transformation of our Tenpin business we have long considered Doncaster a key strategic location and the opportunity provided by Doncaster Superbowl was one we were keen to pursue. We were able to effect the purchase, via the sale and leaseback to OLIM Properties / Asda Pension Fund Trustees, via the quick action of Coffer Corporate Leisure who utilised their excellent investment expertise and market knowledge to deliver the deal in a short timescale.”
Coffer Corporate Leisure acted for Tenpin; Kitchen La Frenais Morgan acted for OLIM Property Christie + Co acted for the Administrator.