Acquisition
May 21 2007 - 3:01AM
UK Regulatory
RNS Number:9046W
Ultimate Leisure Group PLC
21 May 2007
ULTIMATE LEISURE GROUP plc
Acquisition
21st May 2007
Ultimate Leisure Group plc announces the acquisition of four sites (three
freehold and one leasehold) from Gourmet Holdings plc ('Gourmet').
The acquisition, which is subject to approval by Gourmet's shareholders, is for
a total consideration of #8.75m, payable in cash and funded from current
financial resources.
In the last financial year to 25th June 2006, the sites delivered sales of #4.5m
and EBITDA of #0.85m. For the financial year to 24th June 2007, the sites are
expected to deliver EBITDA of #1m. The group is acquiring the sites with no
associated central overhead.
The sites trade under the name "Bel and the Dragon" and are food led pub
restaurant businesses. This acquisition is in line with the strategy of Ultimate
Leisure Group to balance wet led income streams with premium quality food led
businesses.
The Group is actively looking at other acquisitions and announcements will be
made when appropriate.
Mark Jones, Chairman of Ultimate, commented:
'Bel and the Dragon is an attractive business and the acquisition of these four
sites would represent important progress in our stated aim of developing the
food-led side of our business.'
Contact:
Ultimate Leisure Group
Mark Jones, Executive Chairman 0191 261 8800
Craig Bell Finance Director
Financial Dynamics
Ben Foster / Charles Watenphul 0207 831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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