London, Monday, 15 September 2025.
Merlin Entertainments posted a £492 million pre-tax loss in its 2024 UK results, driven chiefly by a £384 million brand-value write-down — including a £163 million impairment at Madame Tussauds — alongside a near-£3.9 billion debt burden and £380 million of annual interest costs. Group revenue eased about 3.2% year-on-year as softness hit flagship assets such as LEGOLAND and Madame Tussauds, while post‑pandemic inflation and higher borrowing costs squeezed margins. Management has signalled immediate strategic moves — asset and brand reviews, cost reduction and capital-structure measures — after S&P downgraded the parent to CCC+ last Friday and warned on liquidity. For retailers, suppliers and investors, the headline takeaway is clear: experiential brands remain highly sensitive to valuation resets and leverage; partners should reassess exposure, tighten payment and supply terms, and prepare contingency merchandising and demand scenarios while Merlin pursues portfolio and liquidity stabilisation.