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Arena Group serves up AIM listing as it eyes opportunities abroad

Arena is already a seating supplier to some the UK’s best known events such as Wimbledon, the British Open golf tournament and Cheltenham
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Arena Group likely to be a top seed on Aim

Temporary seating provider Arena Group is teeing up a listing on AIM later this month to fund a major expansion drive.

Already a supplier to some the UK’s best known events such as Wimbledon, the British Open golf tournament and Cheltenham and Aintree race meetings, Arena will raise £59.3mln through the listing.

Most of the money will go to repay £43.2mln of debt, but Arena also sees opportunities in new services abroad where it says the market for what it does is very fragmented.

Temporary stands generate most of its revenue with contracts typically long-standing and high quality.  Some 70% of revenues are recurring in nature, Arena said.

Shareholders are selling a further £700,000 worth of shares in the IPO. Trading is scheduled to start on 25 July.

“We believe the Listing will not only raise our international profile but will also enable us to provide additional incentives, by way of a share option scheme, for our senior executive team around our global operations,” said chief executive Greg Lawless.

“The new funding leaves us with a significantly stronger balance sheet and provides us with the necessary funding (as well as access to further capital) that will help us to continue to grow the business both organically and by way of potential acquisitions.”

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