The leisure and entertainment group has teamed up with a private UK company to launch and operate film-focused conventions, starting with a three-day event in London next year.
Possibility of European roll-out
Challenger said the ticketed conventions would give fans the “unique opportunity” to meet the stars of recent action hero movies.
“This is an exciting and incredibly special opportunity to participate in a new business set to launch a unique convention that could be duplicated throughout Europe on a similar platform,” said Challenger chief executive Mark Gustafson.
“Although this opportunity is initially smaller in scope than the five potential projects we are currently reviewing, it does have significant growth potential.”
£100,000 loan to support first event
To get the ball rolling the AIM-listed firm has provided a £100,000 loan to the unnamed private company to support the initial launch of the events. That funding will help cover the venue, staff, marketing and guest (film star) costs.
That loan, which is interest-free other than on default, is to be repaid to Challenger by 15 May 2018 with a repayment premium of 40%.
The deal also gives Challenger the right to participate in future events, which Challenger believes could be “very attractive, high-profile opportunities”.