Shares in newly-listed Challenger Acquisitions (LON:CHAL) flew higher on news of a co-operation deal with Starneth, the firm behind the London Eye.
Led by seasoned company executive Mark Gustafson, Challenger debuted on AIM last month with a remit to build equity stakes in companies in the entertainment and leisure sectors.
Early signs of investor appetite look promising; its shares traded at 12p on IPO in February and today climbed 74% to reach 34p.
Challenger’s particular focus will be on the “attractions” space and the link up with Starneth, which is also working on the Dubai-I Wheel and the New York Wheel, gives it extra reach into the sector.
Under the co-operation agreement, Starneth can provide the engineering, design and project management on any giant observation wheels that Challenger becomes involved in.
From its four main offices in the Netherlands, Dubai, Singapore and Florida, Starneth has developed a pipeline of potential international projects that Challenger can now access.