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Challenger Acquisitions upbeat over 'Eye' programme

The company has a 2% stake in the New York wheel, expected to open early in 2018

picture of London Eye
Up to 25 wheels around the world is Challenger's aim

Challenger Acquisitions (LON:CHAL) has started to talk to potential funders for a portfolio of London Eye-style giant observation wheels around the world.

The company has a 2% stake in the New York wheel, expected to open early in 2018, but is also waiting for the go-ahead for a wheel in Jarkarta, Indonesia, where subsidiary Starneth will design and oversee construction.

Starneth was the company behind the London Eye and Jakarta is part of a pipeline of twenty five potential wheel projects.

Once the financing for Jakarta has been arranged, wheel construction will take 24 to 30 months.

Challenger added that Jakarta will also be a proof of concept for its strategy going forward.

“We are at various stages of discussions in regards to multiple GOW opportunities in four different and carefully selected locations worldwide namely Europe, Asia, the Middle East and the Americas,” said chairman John Le Poidevin.

“We remain confident that at least one GOW from our pipeline of 25 projects will commence each year,” he added.

Losses for the year to June were £1.51mln (£0.75mln), with revenues of £2.03mln all of which came from Starneth.

Quick facts: Challenger Acquisitions Limited

Price: 0.13 GBX

LSE:CHAL
Market: LSE
Market Cap: £410.2 k
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