Snow Centre buys Chill Factore in £31m deal
UK’S LARGEST INDOOR SKIING CENTRE CHANGES HANDS
THE UK’s largest indoor ski centre has been acquired after listed developer U+I announced it was to dispose of its non-core assets in a bid to boost funds.
Snow Centres Ltd, which owns London’s Snow Centre Hemel Hempstead, has added Beyond, including the Chill Factore ski slope in Stretford to its portfolio.
It’s hoped the sale of the £31m centre, which also includes climbing walls and food outlets, will also mean Manchester-based U+I, which is leading the landmark Mayfield regeneration scheme, will help it reinvest in major projects across the country.
Ian Brown, managing director of Snow Centres Ltd, which is adjacent to the Trafford Centre, said: “For more than a decade, Chill Factore has built a reputation as one of the most iconic leisure brands in the UK. It complements our existing business extremely well and was the most obvious way to expand our role in the growing UK Snowsports industry.
“We are hugely excited by the prospect of working with a highly accomplished Chill Factore team and building on their considerable success to date. We look forward to welcoming guests back to Chill Factore when we re-open the doors on April 12.”
Chill Factore boasts two indoor real snow slopes: a 180m main slope - the longest in the UK, and a 40m lesson slope.
It also contains a range of cafes, bars, and restaurants as well as retail brands, such as Evans Cycles and Snow & Rock.
Matt Potter, head of direct investment portfolio at U+I said: “The sale is part of our ongoing strategy to dispose of non-core assets. In so doing, we can focus on investing time and resources on our regeneration portfolio and boost our balance sheet.
“Chill Factore has performed strongly in terms of operational and rental income, so we have every confidence that The Snow Centre will make it a success as people start to enjoy using sports facilities again.”