£900m flotation for Tussauds Group

UK - The Tussauds Group has announced that it has appointed City of London investment bankers Lazards as advisors in preparation for a flotation in 2004 which is expected to value the business at £900m. The Group, which owns the world-famous Madame Tussauds and other attractions including the London Eye, Thorpe Park, Alton Towers, Chessington World of Adventures and Warwick Castle, says that following a significant improvement in performance over the last three years, it is now in a position to consider flotation, and will be working with Lazards to evaluate strategic options to ensure further growth in the future.

Charterhouse Development Capital, the private equity group which has a majority stake in Tussauds, acquired its share from Financial Times owners Pearson in 1998, for £352m, and has since invested a further £300m in the business.

(Lee Baldock)

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