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1 Sleepon Hotels plc owns a successful chain of hotels. The company is considering diversifying its activities through the construction of a theme park near London. The theme park would have a mixture of family activities and adventure rides. Sleepon has just spent ￡230,000 on market research into the theme park, and is encouraged by the findings.
The theme park is expected to attract an average of 15,000 visitors per day for at least four years, after which major new investment would be required in order to maintain demand. The price of admission to the theme park is expected to be ￡18 per adult and ￡10 per child. 60% of visitors are forecast to be children. In addition to admission revenues,
it is expected that the average visitor will spend ￡8 on food and drinks, (of which 30% is profit), and ￡5 on gifts and souvenirs, (of which 40% is profit). The park would open for 360 days per year.
All costs and receipts (excluding maintenance and construction costs and the realisable value) are shown at current prices; the company expects all costs and receipts to rise by 3% per year from current values.
The theme park would cost a total of ￡400 million and could be constructed and working in one year’s time. Half of the ￡400 million would be payable immediately, and half in one year’s time. In addition working capital of ￡50 million will be required from the end of year one. The after tax realisable value of fixed assets is expected to be between ￡250 million and ￡300 million after four years of operation.
Maintenance costs (excluding labour) are expected to be ￡15 million in the first year of operation, increasing by ￡4 million per year thereafter. Annual insurance costs are ￡2 million, and the company would apportion ￡2·5 million per year to the theme park from existing overheads. The theme park would require 1,500 staff costing a total of ￡40 million per annum (at current prices). Sleepon will use the existing advertising campaigns for its hotels to also advertise the theme park. This will save approximately ￡2 million per year in advertising expenses.
As Sleepon has no previous experience of theme park management, it has investigated the current risk and financial structure of the closest UK theme park competitor, Thrillall plc. Details are summarised below.
Thrillall plc, summarised balance sheet
Other information:
(i) Sleepon has access to a ￡450 million Eurosterling loan at 7·5% fixed rate to provide the necessary finance for the theme park.
(ii) ￡250 million of the investment will attract 25% per year capital allowances on a reducing balance basis.
(iii) Corporate tax is at a rate of 30%.
(iv) The average stock market return is 10% and the risk free rate 3·5%.
(v) Sleepon’s current weighted average cost of capital is 9%.
(vi) Sleepon’s market weighted gearing if the theme park project is undertaken is estimated to be 61·4% equity,
38·6% debt.
(vii) Sleepon’s equity beta is 0·70.
(viii) The current share price of Sleepon is 148 pence, and of Thrillall 386 pence.
(ix) Thrillall’s medium and long term debt comprises long term bonds with a par value of ￡100 and current market price of ￡93.
(x) Thrillall’s equity beta is 1·45.
Required:
Prepare a report analysing whether or not Sleepon should undertake the investment in the theme park. Your report should include a discussion of what other information would be useful to Sleepon in making the investment decision. All relevant calculations must be included in the report or as an appendix to it. State clearly any assumptions that you make.
(Approximately 28 marks are available for calculations and 12 for discussion)
(40 marks)

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