Deep Sea Leisure, the Fife-based aquarium operator, has launched an emergency fundraising. Roxanna Mohseni reports.

The troubled operator of two aquariums announced an open offer and placing to raise between £2.4 million and £3.5 million to keep the business afloat. Cost overruns from building its Cheshire site in 1998 prompted the group to take on increased bank debt, but, as visitor numbers failed to live up to expectations, Deep-Sea (DSL) was unable to generate the cash flow to meet interest payments.

The funds raised from the open offer and placing, which are not underwritten, will be used to repay a £2 million bridging facility agreed back in August. With no-one at the helm of Deep-Sea - its chief executive and founder Phil Crane was forced to resign last week having lost investor confidence - and shares at an all-time low, this Scottish group is hoping that a suitor might come to the rescue. Indeed, Net-Ein, a Luxembourg group connected with the Spanish leisure park operator, Goupo Aspro Ocio, will hold 29.9% of the group after the offer.

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