Alton Towers owner Merlin set to float

MERLIN Entertainments, the company that runs Alton Towers, Warwick Castle and the Sea Life centres, including the one in central Birmingham, is looking to raise £200m in a stock market flotation.

London-based Merlin – which also runs Legoland and Blackpool Tower – operates 99 attractions in 22 countries which it said made it Europe’s biggest visitor attraction operator and the second in the world after Walt Disney.

It is planning to roll out more attractions, including the development of a Legoland Park in Dubai and in locations in the Far East. It is also planning acquisitions in what it described as a “highly fragmented” market.

But proceeds from the offer will be used to reduce net debt.

In the 35 weeks to the end of August the group saw revenues increase by 11.1% to £888.7m.

Chief executive Nick Varney said: “Merlin Entertainments comes to the market with a consistent record of strong growth in both revenues and profits and bright prospects for the future.

“We have successfully followed a clear and proven strategy to build a high-growth international family entertainment business, built on strong brands and a portfolio of attractions balanced by geographies, products and demographics.

“Our very strong trading performance so far this year, with revenues over 11% ahead of 2012, is a further reflection of this.”