South: Crucial support for the entertainment industry
Top 100 law firm BDB Pitmans has successfully advised long-standing client Ten Entertainment Group (TEG) on a new £14 million secured term loan from The Royal Bank of Scotland under the Government’s Coronavirus Large Business Interruption Loan Scheme, as well as amendments to its existing £25m revolving credit facility.
As a leading UK operator of family entertainment centres, TEG has a total of 46 centres across the UK, providing a wide range of family-friendly entertainment options. Securing this loan, BDB Pitmans has helped to strengthen the Group’s liquidity to assure sufficient funding to ensure that the business can successfully restart its operations after the Covid-19 pandemic.
Working closely with TEG previously to raise capital for the business’s consolidation and growth objectives, BDB Pitmans had successfully advised the UK operator on its listing to the Premium Segment of the London Stock Exchange’s Main Market in 2017 and has subsequently advised the group on a number of bowling centre site acquisitions.
The BDB Pitmans team was led by corporate partner Robert Chidley, who was assisted by solicitor, Ashley Robertson, and paralegal, Bethany Massey.
Chidley said: “Our strong relationship with TEG meant we were able to work together effectively to successfully complete this transaction in a tight timescale. We hope to assist TEG further when lockdown eases to solidify its position as a leading UK leisure operator.”
Antony Smith, chief financial officer of TEG added: “BDB Pitmans is a first-class example of the legal support you need in a transaction of this nature. They are agile and responsive and always take an approach that is focused on achieving the best possible outcome.
“I very much enjoy the firm’s commerciality in ensuring that even the most complex legal nuances are explained and broken down into what they really mean in practice to us as a business. We are delighted with our ongoing relationship with BDB Pitmans which has extended over many years.”
The deal was completed on January 20, 2021.
