Dawnay Day is backing a US-style kids’ entertainment concept within the M25.
The boutique financial services group, which has combined gross assets in excess of £1.5bn, has signed a 50/50 joint venture with new company JH Entertainment for a multi-site operation under the brand name Hannah Banana.
The company hopes to emulate the success of Eatertainment in the US, which has become a multi-billion-dollar industry through operators such as Chuck E Cheese, which has over 400 sites, Peter Piper Pizza and Gattitown.
Dawnay Day will provide an initial tranche of funding for the first two to three sites and will jointly own the freehold or leasehold interests.
Its property services arm will advise on site development.
JH Entertainment will look for debt finance for future sites and has ambitions to open 20-30 in the next five years.
Agents Briant Champion Long and Shelley Sandzer have been appointed to find
8,000-10,000 sq ft sites within the M25, where there are high densities of young families.
The agents are targeting shopping centres, leisure parks and visible standalone roadside locations.
JH Entertainment chief executive Maurice Benisty, a former investment banker at Lehman Brothers, said: “Dawnay Day represents a strong strategic partner for the business, enabling us to pursue an aggressive roll-out programme of new sites.”
Dawnay Day chairman Guy Naggar is also the chairman of Paramount, which owns the Chez Gerrard chain.
JH Entertainment’s management team includes Nick Basing, chief executive of Paramount.
References: EGi News 17/05/04
