Frasers Group Accounts confirm CBS Area purchase price, revenue & losses (1 Viewer)

biggymania

Well-Known Member
Not sure if anyone has talked about this yet, but the Fraser Group have published their 22/23 accounts - this is the year that included their purchase of the arena.

I am a mere amateur, but I was curious and had a look at them. It looks like ownership is under a subsidiary called Coventry Arena OpCo Limited and as such they don't file accounts for that in isolation, everything is wrapped up under the Frasers Group PLC accounts which you can read for yourself here:

Frasers Group PLC 22/23 Accounts

The reported fee in the press I think was £17M and their accounts show £18M if you include transaction costs:

Coventry Arena

On 17 November 2022 the Group acquired the trade and assets of Arena Coventry (2006) Limited, Arena Coventry Limited and IEC Experience Limited for cash consideration of £15.8m. The acquisition shows our commitment to the Coventry area further to our investment in a site, subject to planning, for a new delivery centre and campus at Ansty.

Book Value Fair Value Adjustment Fair Value (£m) (£m) (£m)
Property, plant and equipment 15.8 - 15.8
Net assets acquired 15.8 - 15.8

Transaction costs for the acquisition of Coventry Arena totalled £2.2m.

Although they didn't have the Arena for the entire 22/23 period, they do outline the total revenue and losses. £13.4M of revenue and £7.0M of losses. Because it's a subsidiary there is really no more detail.

The group has a lot of businesses segments, but they refer to the Arena purchase as part of the "UK Sports Retail" segment and refer to it as:
Coventry Arena a world class exhibition, event & conference centre
 

pusbccfc

Well-Known Member

SkyBluePower

Well-Known Member
Wouldn’t be surprised if that situation has completely reversed by now given the volume of events there now and the income 25000 Coventry fans every other week must be generating for them.
 

Ashdown

Well-Known Member
There were a lot of visible improvements around the concourses and around the Arena in that early time period. That will account for a lot of expenditure. Probably financial costs associated with the purchase too ?!
 

Gynnsthetonic

Well-Known Member
Fair enough, used to be interesting as I worked there and whenever I did something at Coombe Abbey I had to deal with RBC for planning and not my own
Big projects like the Ansty Park development , I'm sure with the boundaries so close all the local councils will have a say
 

biggymania

Well-Known Member

CoventryArena OpCo did submit accounts and they're available to read now via the above link, but they only cover the period up until the Frasers Group takeover in November 2022. So really not that revealing as it's a short period from May-November 2022 covered of the 22-23 tax year I suppose and doesn't tell us much of anything about the current situation.

So we won't learn much of anything until 23-24 accounts from Frasers Group come in next year and they are likely to be light on detail because it's all wrapped up in the group accounting.
 

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