HMT advised Top Ten Holdings Plc (“Top Ten”), the UK’s third largest and only listed bingo operator, on the acquisition of Westvale Leisure Ltd (“Westvale”), which operates 13 bingo clubs in the Midlands and the North for £15.85 million.
Westvale, formerly Walker Leisure (UK) Limited, was originally established in the 1960s. It currently employs approximately 300 staff and offers a similar mix to Top Ten. The acquisition is a good geographical fit with Top Ten’s existing portfolio, which now comprises 37 clubs.
Sir Aubrey Brocklebank, Chairman of Top Ten, commented:
“This acquisition confirms Top Ten’s position as one of the major independent UK Bingo Club operators. The Board anticipates that we shall be able to improve the performance of these thirteen clubs in the same way as we have done with our three previous acquisitions.”
Managing director, Alan Weston added:
“The management of Top Ten intend to deliver further acquisitions in the short and medium term to drive value for shareholders taking further advantage of a fragmented market.”
Andrew Thomson of HMT commented:
“We have now acted for Top Ten on four acquisitions and, with management’s proven track record of acquisition and successful integration, we are delighted to continue to be involved in helping Top Ten deliver its successful acquisition strategy.”