Praesepe finally completes Agora Acquisition

30/11/2011

Praesepe has finally completed its acquisition of the Agora branded arcades, consisting of 63 adult gaming centres located within the M25, it has been announced today.

Marwyn Gaming Ltd, a newly formed subsidiary of Marwyn Management Partners (of which Praesepe is also a subsidiary) acquired the operator of the Agora AGCs Baleday Ltd, plus Restcare Ltd (which together make up Agora) from DMS2 Ltd.

Praesepe has made significant operational and financial improvements to the Agora AGCs since it began managing the estate, with the Agora business generating unaudited proforma revenue of approximately £18.5m.

The Acquisition increases the total UK venues under MGL’s ownership from 96 to 159 AGCs, four Family Entertainment Centres, six Bingo Clubs and an on-line bingo web site. Included in this estate are the iconic Crystal Rooms in Leicester Square and the Beacon Bingo Club in Cricklewood, the largest bingo club in the UK.

The consideration of £6.7 million is satisfied through issuing loan notes to DMS2 Limited (the “Loan Notes”). Baleday has gross debt totalling £7.8 million which is due to DMS2 Limited/

 

Nick Harding, Chief Executive Officer of PRA, said: “This acquisition marks an important step for Praesepe. The Agora sites are mainly located within the M25, geographically complementing our nationwide network of Cashino venues, and occupy some excellent positions in major retail centres.

 

The acquisition allows us to fully integrate the operation of the Agora AGCs with the operation of our Cashino AGCs and we expect the deregulation of Category B3 gaming machines together with the anticipated changes to Category C machines and the recently announced planned reintroduction of the Triennial review process to continue to have a positive impact on the business and the potential for future revenue growth.”

 

Mark Watts, Executive Director of MMP, said: “The acquisition of Agora represents another significant step in the development of the Consumer division, leveraging the operational platform of Praesepe in particular Nick and his team who have a track record of successfully delivering a buy-and-build strategy in the gaming sector.”

 

 

 

 

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