Safestay issued its final results for the year ended 31 December on Wednesday, reporting growth of 43% in total revenues to £10.5m, including acquisitions it made in 2017.
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Hostel group Safestay has acquired another Barcelona property from Equity Point Hostels, taking its total presence in the city up to nearly 600 beds.
AIM-listed hostel owner and operator Safestay has appointed Sharon Segal as finance director with effect from next Monday.
Mark Beveridge, finance director of hostel operator Safestay, as well as property investment group Safeland, has resigned from both firms.
Contemporary hostel accommodation provider Safestay announced on Monday that it acquired a second Barcelona hostel from Equity Point Hostels for 2m in cash.
Hostel owner and operator Safestay announced on Wednesday that it entered into a debt financing agreement with Equity Point Hostels, that would see the group make an immediate payment to Equity Point of 3.6m - structured by way of debt - in return for security over 90% of Equity Point's share capital, valued at approximately 10m.
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AIM-listed Safestay announced the acquisition of U Hostels for a total cash consideration of 3m.
Luxury hostel company Safestay has narrowed its full-year pre-tax loss and seen a strong uptick in revenue.
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Shares surged in Safestay on Friday after the hostel operator announced it has consolidated its borrowings into one new facility and that the sale on two hostels has been completed.
Canaccord Genuity has cut its rating on Safestay to 'hold' from 'buy' and lowered the target price to 42p from 65p after the budget accommodation provider said 2016 was a "difficult year".
Safestay's trading performance for 2016 was affected by political instability, low visitor numbers in London and terror attacks in France, but the hostel owner and operator remains confident about its outlook this year.
Safestay's chief executive Philip Houghton will step down from his role on 31 December.
Safestay, the 'boutique hostel' chain founded by serial entrepreneur Larry Lipman, more than doubled sales in the first half but reported a larger loss before tax.
Shares in Saga are a 'buy' for the Sunday Times' Inside the City column, after a steady but unshowy performance since its initial public offer two years ago. Management plan to shift the business from a plain old insurer that also markets holidays and other services to its over-50s customers, into a broker that makes commission from sales made to third parties, who will offer services under the company's brand but take on more of the risk.
Safestay warmed the market up for its full year results on Monday, citing its ongoing expansion and good growth at its existing sites as driving momentum.
Colin Stone will step down as finance director from property companies Safeland and Safestay with effect from 13 November.
Safestay, the luxury hostel brand, has signed a £1m loan facility with Coutts.