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Challenger Acquisitions
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The leisure and entertainment company said it was seeking to realise the personal guarantee for its £100,000 loan as provided by Jane Lowther, the owner of Star Sanctum
Challenger expects construction of New York Wheel to get back on track this year after a temporary setback
The company said it has secured a variety of television and film actors for the convention, including Benedict Cumberbatch and Chiwetel Ejiofor
Mark Gustafson, chief executive of (), tells Proactive's Andrew Scott they've invested in a second giant observation wheel project, this time in Dallas, Texas.
The AIM-quoted firm has invested US$300,000 towards the pre-development costs of the Eye of Texas, with the option to invest up to US$1mln in this first tranche.
The remainder of the US$3mln of pre-development costs is being raised by local developers.
Challenger has invested US$300,000 towards the pre-development costs of the Eye of Texas, with the option to invest up to a further US$700,000 in this tranche
Starneth LLC, which is part of the legal contractual dispute with the original wheel erectors, has never been owned by Challenger.
Mark Gustafson, chief executive of () tells Proactive the first action film fan convention to be run by Star Sanctum will be held in May next year.
Star Sanctum is the name of the private company Challenger is backing; it is set to launch with a three-day event in London running from May 5-7.
Fan conventions are enormously popular. Star Sanctum founder Jane Lowther has more than 20 years of project and event management experience
Challenger has a stake in the NY Wheel project which has been hit by delays because of contractual disputes
The first convention will take place in London next year and fans will get the chance to meet the actors and actresses of the latest action hero blockbusters
The board is currently evaluating strategic growth opportunities for the company.
“We are continuing to seek out, evaluate and review a number of potential projects and developments."
In a statement, the AIM-listed firm simply said: “Challenger looks forward to updating the market when a new contractor is formally appointed and a new date is set for the completion of the New York Wheel”
Reports from New York said the project is set for major delays after Mammoet-Starneth, the design/build contractor, downed tools in May
"These amendments will allow us the flexibility and time to pursue additional projects over the course of 2017."
The group sees other acquisition opportunities in the attractions sector this year after realigning its relationship with engineering group Starneth.
() is selling its interest in the engineering group Starneth in a deal worth up to US$6mln.
Separately, Challenger has brokered a five-year cooperation agreement under which Starneth can provide the design, engineering and project management for observation wheel projects and Challenger can provide potential funding options for the developers of select projects.
Challenger CEO Mark Gustafesen tells Proactive: ''[The deal] was a very good way of addressing the long term timelines to get these projects moving forward''.
The buyer is a company controlled by Chiel Smits, Starneth’s chief executive.
Giant observation wheel investor () has said its New York wheel project is making “fantastic” progress and is on schedule to open in April 2018.
Chief executive Mark Gustafson tells Proactive: ''I was just there on a tour the other week. It's really fascinating to see the developments.''
''Basically, the entire ground work is complete. What we're going to see over the next 18 months is everything being constructed from the ground up and that will include the terminal building and all the major components for the giant observation wheel starting with these four massive legs'', Gustafson added.
Once finished, the New York wheel will be around 50% bigger than the London Eye and it is hoped it will be able to carry around 3.5 mln passengers each year.
The wheel’s foundations have now been completed, while the legs which the wheel will sit on have been delivered to the site in Brooklyn
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}
.block-checkout-payment label {
color: #2d3e50 ;
}
.block-welcome .icons i:after {
border-color: #2d3e50 ;
background: #2d3e50 ;
}
.block-welcome .icons a:hover i {
color: #2d3e50 ;
}
.block-pasteboard:before {
background: #2d3e50 ;
}
.block-pasteboard .icons a:hover {
color: #2d3e50 ;
}
.block-map-3 .block-head {
color: #2d3e50 ;
}
.block-contacts ul li:after,
.block-contacts ul li:before {
border-color: #2d3e50 ;
background-color: #2d3e50 ;
}
.block-contacts ul li:before {
background-color: #fff;
}
.block-contacts ul li span {
border-bottom-color: #2d3e50 ;
}
.block-contacts ul .active {
color: #2d3e50 ;
}
.block-contacts ul .active:before {
background-color: #2d3e50 ;
}
.block-contacts ol {
border-top-color: #2d3e50 ;
}
.block-contacts ol li {
color: #2d3e50 ;
}
.block-contacts ol li i:after {
background-color: #2d3e50 ;
}
.block-feedback .message i,
.block-feedback-2 .message i {
color: #2d3e50 ;
}
.block-not-found h3 {
color: #2d3e50 ;
}
.block-not-found .pic:before {
background-color: #2d3e50 ;
}
.block-not-found .pic div:before {
background-color: #2d3e50 ;
}
.block-not-found-2 .button {
color: #2d3e50 ;
}
.block-not-found-2 .button:hover {
background: #2d3e50 ;
}
.block-coming-soon li:before {
background-color: #2d3e50 ;
}
.block-coming-soon-2 li:after {
background-color: #2d3e50 ;
}
.widget-categories a:hover,
.widget-categories a.active {
color: #2d3e50 ;
}
.widget-top-posts a:hover {
color: #2d3e50 ;
}
.widget-text hr {
border-top-color: #2d3e50 ;
}
.widget-text em {
color: #2d3e50 ;
}
.widget-archive a:hover,
.widget-archive a.active {
color: #2d3e50 ;
}
.widget-tags a:hover {
color: #2d3e50 ;
}
.widget-categories-filter a:hover {
color: #2d3e50 ;
}
.widget-categories-filter .active {
color: #2d3e50 ;
}
.widget-categories-filter .active span {
background-color: #2d3e50 ;
}
.widget-price-filter .ui-slider-range {
background-color: #2d3e50 ;
}
.widget-price-filter .ui-slider-handle {
background-color: #2d3e50 ;
}
.widget-color-filter .active:before {
border-color: #2d3e50 ;
}
.widget-top-products .pic i {
background-color: #2d3e50 ;
}
.main-nav ul {
background-color: #2d3e50 ;
}
