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Merlin Entertainments: General Discussion

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Source: LinkedIn

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Blackstone, minority partners in Merlin Entertainments, have announced plans for a further £90 billion worth of investment in the UK over the next decade. This is in addition to a previously announced £10 billion, from Blackstone, for data centres.

There is absolutely no information as to whether this will include further investment into their existing UK portfolio, or if this will be for new projects only.

There is no inclination on whether some of this investment could find itself in the hands of Merlin, but it's rather fun to speculate.
 
Blackstone, minority partners in Merlin Entertainments, have announced plans for a further £90 billion worth of investment in the UK over the next decade. This is in addition to a previously announced £10 billion, from Blackstone, for data centres.

There is absolutely no information as to whether this will include further investment into their existing UK portfolio, or if this will be for new projects only.

There is no inclination on whether some of this investment could find itself in the hands of Merlin, but it's rather fun to speculate.
All these big numbers coming from US investors over the past few days certainty makes me think these companies are mostly just using this for PR opportunities. Either this investment was already planned and is being re-announced or like the other ‘trade deals’ Trump has signed with the EU and Japan, it’s a figure those countries have no obligation to actually invest.

Microsoft recently announced something similar but would only speak to the BBC on a very controlled interview with its CEO, there’s no one really on-site making speeches for a press conference. Just controlled press briefings.
 
If Merlin shows us what Blackstone do to your business model, god help other UK businesses!
I suppose they have owned Merlin for twenty years and successfully merged them with the Tussauds Group with good initial results from that merger. its more recently its been a problem
 
If Merlin shows us what Blackstone do to your business model, god help other UK businesses!
There's hardly a large business that they don't, or haven't previously had, interests in.

They had a 50% stake in Universal Studios Escape, the owners of the Orlando parks, until 2011.

They also purchased the SeaWorld and Busch Gardens operators in 2009, and floated it in 2012.

That's just in the theme park world.
 
I see Merlin has appointed a new CFO. Previous one lasted a year. Noticed he will be "driving greater efficiency" (i.e. cutting costs back to the bone)

Merlin appoints Pablo Sconfianza as new chief financial officer
They say that the finance team are always first to leave before a company goes under, I’m guessing this is not a good move especially when the previous person only lasted a year…
He's been in position since April, albeit on an interim term, with this most recent announcement confirming his permanent appointment.

The former CFO, Karim Hajjar, has since retired.

It is literally a CFO's main priority to "drive greater efficiency", in any company. You do not want a CFO who drives greater inefficiencies and doesn't maximise profits. In the same way that you do not want a COO who introduces slower and inefficient operations.
 
Think more worryingly he's coming from a tobacco company rather than a leisure/entertainment/theme park background...
The former CFO came from a chemicals and tobacco background.

The Tussaud's Group owner during the "golden age" was a publishing magnate, and the owner of an exam board, with no experience in leisure activities.

If you're looking for someone with the experience of managing the finances of a truly worldwide business, in challenging markets, whilst maximising profits, the tobacco industry is as good a place as any to start.
 
I would argue that a publishing magnate would have more to do with the world of entertainment than chemicals and tobacco. I would also argue that the companies current financial state might have something to do with these senior figures not understanding the industry they are working in. Not a unique problem with the theme park industry, indeed its one of the current issues with the corporate hell hole/late stage capitalism we seem to have found ourselves in
 
I would also argue that the companies current financial state might have something to do with these senior figures not understanding the industry they are working in.
Karim Hajjar was in position from February 2024 until April 2025. Merlin's financial year runs from January - December. The decisions that he will have made will not really be reflected in the most recent publicly available results, 2024.

Merlin's CFO, prior to Hajjar, was Alistair Windybank. Alistair was appointed CFO in 2020, but had been with Merlin since 2008. He very much understood the industry he was working in. Serving as CFO from 2020 - 2024, it is Windybank's decisions which are reflected in Merlin's recent results.

Merlin's "current state" is one year of bad results, largely explained by an account adjustment. Merlin's visitor numbers increased dramatically throughout 2021, 2022 and 2023, and they achieved surprising profits in 2022 after a quick COVID recovery.

The headline grabbing £492 million loss for 2024, whilst alarming at first glance, is not indicative of a sudden collapse within Merlin. The loss was primarily a result of significant non-cash impairment charges. These are accounting adjustments, due to an over valuation of some assets, and do not reflect the company's operational cash flow, which remains strong.
 
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