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Deep Sea World (B): May 1993

Subject

Entrepreneurship

Publication Year

1999

Abstract

At the end of May 1993, Norman Yarrow was pondering his next move. Construction of the aquarium had begun in June 1992, with an initially estimated cost of £3.862m. The total finance package raised was £4.173m and was proving insufficient due to a substantial overspend which had recently become apparent. Norman had been led to believe that the overspend was in the region of £500K until two weeks previously. By agreeing to delay payments to some of the major creditors and using the major contingency reserves of £364K, this overspend was first deemed manageable. However, it was now apparent that the actual overspend was considerably more than this figure, possibly amounting to £1.5 million, some 40% above the initial budget and well in excess of what could be dealt with within the existing financial arrangement. Norman wondered how the business could be refinanced - and whether to recommend to the NVM board that they invest in this second round.

Topic List

Entrepreneurship, Venture Capital, Financing, Valuation, Opportunity Assessment

Industry

Tourism

Publication Event Date

1998

LBS Case Number

CS-98-008-02

Location

Edinburgh - UK

Project Funder

Leverhulme

Publication Research Centre

Entrepreneurship

Available on ECCH

No


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