65 How leisure investments successfully navigated covid and will cope with the recession with Harry Heartfield of Edition

The leisure sector faces very different challenges from the more tech focussed companies that most EIS and VCTs focus on. Harry Heartfield of Edition Capital specialises this area and gives insights into its past, present and future.

We start by chatting about the challenges that covid brought. We talk about how leisure companies coped with their doors being closed and how they managed finances to survive. We also discuss how companies maintained brand awareness, so people would come back when they were allowed. Harry contrasts the challenges that different businesses had and how they coped.

The discussion then turns to the current environment. Harry talks about some of the changes in the market, including relationships with landlords and availability of capital. His inherent optimism comes through, even with a recession coming, underpinned by the belief it will be a lot milder that what companies have been through recently.

Links

Edition Capital - https://www.editioncapital.co.uk/

Harry on LinkedIn - https://www.linkedin.com/in/harry-heartfield-2275983a/

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

Suggested books:

Our Mathematical Universe by Max Tegmark

Prisoners of Geography by Tim Marshall

Bio

Harry Heartfield

Senior Partner, Edition Capital

Harry has over 15 years’ experience in the leisure sector. In 2011, he joined boutique asset manager Ingenious becoming a Senior Investment Manager in their Live Entertainment Team. At Ingenious, he was responsible for working across several investment funds including several Venture Capital Trusts with a focus on leisure assets. During his time at Ingenious, he also developed and launched several investment products aimed at the retail market, including EIS products which raised more than £25m, and was Head of Investments and Acquisitions for Impresario Festivals plc until the sale of the business to media group Global for more than £28m.

He set up Edition alongside the other Edition Partners in 2015. At Edition, he has overseen the development of Edition EIS and Edition Capital Projects, which have raised over £50m between them. He also was appointed as Strategic Advisor to Superstruct Entertainment (a Providence Equity backed company) from 2017 to 2020 as they made their first acquisitions including Sziget Cultural Management (Hungary) and elrow (Spain). In total, Harry has overseen deals in excess of £220m across the UK and Europe. He sits on the board of a number of Edition’s investee companies including WatchHouse Coffee, Borrow A Boat and Tailwise.