PEL enters into licensing agreement with Hasbro for rights to build and operate NERF branded attractions in the UK
Paragon Entertainment Limited (PEL) ("Paragon", the "Company" or the "Group"), the AIM listed attractions design, production, fit-out business and operator is pleased to announce that on 25th October it concluded a licensing agreement with Hasbro International Inc. ("Hasbro") to build and operate a series of NERF branded attractions. NERF is one of Hasbro's core global brands and one of the best-selling toys in the UK.
Under the terms of the license, Paragon will design, build and operate Nerf attractions which will consist of purpose-built Nerf action arenas and Nerf blaster target ranges, with additional concepts in development. These attractions will also include a retail space where visitors can buy their favourite blaster,
The NERF brand has been recognised in the children's toy market since 1969 and since 1991 has been owned by Hasbro, the world's largest branded toy company with a world class brand portfolio. NERF currently produces a range of blasters which are a global toy phenomenon and typically targeted to children aged 6 and over.
Following the announcement on 21 September 2012, the Company is also pleased to announce that the first NERF attractions will be at Westfield's Merry Hill Shopping Centre and are expected to open by the year end. The multi-attraction destination will include a NERF blaster gallery and retail outlet followed by a NERF action arena in early 2013. Additional NERF sites will be announced in due course.
Mark Pyrah, Chief Executive Officer, commented "The award winning NERF brand represents an excellent fit with our strategy to operate proprietary attractions. The 'NERF' and 'NERF Blaster' are fantastic products which for years have been eminently popular with children. We look forward to working closely with Hasbro to create a fantastic attraction experience."
Hasbro International Inc. Comment
Katherine BucklandUK Licensing Director, Hasbro Brand Licensing & Publishing,Hasbro InternationalInc., commented "We are delighted to have Paragon building and operating attractions under the banner of our NERF brand. These attractions will be a "world first" for Nerf. Together we are offering a unique and innovative leisure proposition with the chance to experience NERF in a fully immersive environment."
29th October 2012
For further information please contact:
Paragon Entertainment Limited
Tel: +44 (0)1904 608020
Cenkos Securities plc
Tel: +44 (0)20 7397 8900
Ivonne Cantu / Max Hartley (Nomad)
Alex Aylen / Julian Morse
This information is provided by RNS