he clubs, based in Redcar (Cleveland) Margate (Kent) and Ilkeston (Derbyshire), together with a non-operational Family Entertainment Centre in Margate and an Adult Gaming Centre in Ilkeston, have been acquired for an undisclosed sum.
In the 12-months to 31st October 2011, the bingo businesses generated earnings before interest, tax, depreciation and tax (EBITDA) of us$ 387,699.
Heralding the deal Nick Harding said: “I am delighted to have acquired these sites which increase our current bingo estate by 50 percent and our current FEC estate by 20 percent. There is a strong fit with our current operations, allowing us to take advantage of operational synergies. In addition to providing scale to our bingo division, the acquisition provides an opportunity to develop an FEC in an attractive location ahead of the summer season and also apply our operational expertise to reinvigorate what is an underperforming AGC. The entire team is looking forward to applying the brand values, operational insight and hard work which have made the Praesepe low stake gaming brands the preferred choice of players throughout Britain’s high streets.”
Mark Watts, Executive Director of MMP, said: “This acquisition represents another step in the development of the Consumer Division, further expanding MMP’s bingo operations and leveraging the operational platform in place throughout the MMP group.”