Atlan Holdings Bhd (KLSE:ATLAN) entered into an agreement to acquire Belle Isle Hotels (Cornwall) Management Limited from Mark Trevor Rudrum for £0.2 million on October 20, 2022. The consideration will be paid in cash. The BIM Consideration and stamp duty payable for the BIM Acquisition will be funded through Atlan’s internally generated funds and bank borrowings.

For the year ended October 31, 2021 Belle Isle Hotels (Cornwall) Management Limited generated total revenues of £4 million, net income of £0.6 million, net assets of £0.9 million. The transcation is subjection approval from regulatory authorities and is conditional upon completion of acquisition of The Cornwall Hotel Spa & Estate and all of Belle Isle Property’s existing assets and liabilities. As of March 15, 2023 approval of the Atlan Holdings Bhd shareholders for the Proposed Acquisitions which was obtained at the extraordinary general meeting convened on March 15, 2023, the Property SPA has become unconditional and Completion of the Property SPA will take place within 14 working days of the satisfaction of the conditions for completion as stipulated in the Property SPA.

Affin Hwang Investment Bank Berhad acted as financial advisor to Atlan Holdings.