Milton Keynes-based gambling company Praesepe has acquired London gaming centre The Crystal Rooms for a nominal sum.
Milton Keynes-based gambling company Praesepe has acquired London gaming centre The Crystal Rooms for a nominal sum.
The Crystal Rooms is the trading name of United Leisure, and operates 114 gaming centres at one site in the capital. In the year ending October 2008, the company generated revenue of £1.8 million, a 40 per cent decrease on the previous year. As part of the transaction, Praesepe has assumed net liabilities from United Leisure totalling £3.3 million (excluding fees).
Nick Harding, CEO of Praesepe, said: ‘This is a fantastic opportunity to acquire an iconic gaming location in the heart of central London. We have identified clear opportunities to return revenues and profits to pre-2008 levels through hands-on management, operational improvements, increasing floor space and introducing new gaming machines in partnership with leading UK gaming machine manufacturers.’
Praesepe reported turnover of £4.5 million and gross profits of £2.5 million in 2008.
