The Group, a leading international entertainment operator, is pleased to announce a successful growth capital raise of over $35M that will support its aggressive development plan over the coming years.
The raise was funded by both existing and new investment partners, including US-based Bregal Partners, and exceeded the Group’s initial targets. The proceeds of the fundraise will be deployed to fast-track the Group’s growth plans in both North America and Europe, regions where the business already operates successfully.
The Group’s growth strategy will include a significant acceleration in the pace of the Flight Club roll-out in the US and Canada, as well as growing its wider portfolio of experiential concepts including ping pong sister brands, Bounce and AceBounce, and its new hit bingo concept, Hijingo.
The Group has identified a large number of potential Flight Club locations in North America, with two more locations in Atlanta and Las Vegas expected to open by the end of this year, taking its Flight Club estate to six. The Group is also opening a new Bounce within the iconic Battersea Power Station, London, later this year. Bounce Battersea Power Station will mark ten years of sustained success for the brand in London.
In addition to growing the Bounce and Hijingo brands in the UK, the Group also plans to launch Hijingo in the US, and is in the early stages of exploring operating partnerships for both concepts in Europe and APAC, territories where management believes there are significant opportunities.
Its ambitious, multi-brand, international growth strategy will see State of Play cement its position as a leading operator within the premium experiential entertainment market. Consumer demand and yearning for shared, innovative experiences are expected to benefit the Group as it seeks to deliver significant returns for all stakeholders over the next five years.
