Borrow A Boat has agreed to acquire one of Europe's leading boat rental marketplaces with a significant position in the market and presence and operations in multiple countries on the continent. The deal is an exciting step forward and will make Borrow A Boat one of the biggest boating platforms worldwide, holding significant market share across the market, globally. The deal is close to completing imminently in the next few weeks, and more details will be released in due course.
As a result of the acquisition the Board of Borrow A Boat have resolved to lower the amount of equity raised in the recent invest in startups round, to reduce the dilution of the business at this valuation ahead of the deal, and one investment of £1.5m has been removed from the round, leaving the round still 200% overfunded. This reduces the dilution taking place in the round for all investors and shareholders in BAB. No EIS funds raised in this round will be used in the transaction. There will be another chance to invest in Borrow A Boat in the not too distant future, following the completion of the deal.