Leisure Report articles from July 2003

Leisure Report archives from July 2003

Gambling Bill draft brings fresh hope.(British Casino Association )
July 1, 2003... The gambling industry was given renewed hope over deregulation, with the appointment of members of the committee that will scrutinise the Bill and the publication of some its clauses. Both developments have encouraged the betting and gaming...

Reebok club appoints administrators.(Reebok Sports Club London)(Sportsplex Canary Wharf Limited)
July 1, 2003... Europe's largest private members' sports club, the Reebok Sports Club London which opened at Canary Wharf last November, has gone into administration. The 100,000 square foot facility, the only Reebok club in the UK, cost a reported 25m...

Multiplex market activity unlikely to lead to Cine-UK sale.(Inside track)
July 1, 2003... There hasn't been so much activity in the UK cinema market since, well, the last time there was so much activity in UK cinema market. Odeon and Warner Village Cinemas UK have recently changed hands and speculation is rife over who will buy...

S&N auction under starter's orders.(News)
July 1, 2003... Scottish & Newcastle has started the race for the 2bn [pounds sterling] auction of its managed pubs division, releasing details of the estate to would-be bidders. Companies that have asked for the prospectus so far have been mostly...

Wembley denies MBO talks.(News; and Active Value deny reports of management buyout deal)(Brief Article)
July 1, 2003... Wembley, the track-based gaming firm and Active Value, a 22.36% stakeholder in the group, denied reports they were negotiating a possible management buyout deal. Takeover rules would have meant Wembley would have made an announcement if...

Holmes Place deal approved.(News)(Health Club Group)(Brief Article)
July 1, 2003... The 25.4m [pounds sterling] management buy-out bid for Holmes Place was declared wholly unconditional after Health Club Group, the mbo vehicle, received acceptances from holders of 78.27million shares in the company, representing 77.2% of the...

Licensing Bill faces race to become law.(News)
July 1, 2003... The controversial Licensing Bill, which takes control of pubs in England and Wales away from magistrates for the first time in 500 years, has now been passed by parliament. However, observers believe the government will struggle to meet its...

Start-up fitness firm unveils Vision for future club business.(Health & fitness news)(Brief Article)
July 1, 2003... Vision Fitness, the start-up firm that bought four Topnotch health clubs and the company's Espree club in Blackfriars in May, is planning cautious expansion. The new company is headed by finance director David Crisp, who also acts as...

New CEO for SpringHealth.(Health & fitness news)(Brief Article)
July 1, 2003... SpringHealth Leisure, the Alternative Investment Market-listed operator of fitness clubs, has appointed Eric Lowry as chief executive. Lowry, who has been a director of the firm for the past 15 years, takes the helm after the departure of...

Vistrastar plans to step up Gold's Gym expansion.(Health & fitness news)(Vistrastar Leisure )(Brief Article)
July 1, 2003... Vistrastar Leisure is planning to step up the roll-out of its Gold's Gym fitness club chain in the UK. The company, which recently unveiled plans for its first hotel, including its fourth Gold's club, is in negotiations for at least two...

No MBO, but Whelan confirms commitment to JJB.(Health & fitness news)(Brief Article)
July 1, 2003... David Whelan, the chairman of JJB Sports, called off his proposed management buyout of the sports retailer and health club company. He said: "Whilst I an confident that financing would have been available to pursue an offer of 220p per...

Somerfield bidder to chair Fitness First.(Health & fitness news)(Brief Article)
July 1, 2003... John Lovering, the entrepreneur who made a 594m [pounds sterling] bid for the supermarket chain Somerfield, has joined Fitness First as non-executive chairman. Cinven, the private equity firm, bought Fitness First last month, for about...

London's 2012 Olympic Games bid gathers pace with government report.(Sport news)
July 1, 2003... The London bid for the 2012 Olympics has moved up a notch with the publication of the government's response to the Culture, Media and Sport Select Committee bid report on the Games. Focussing on the key conclusions and recommendations of...

Racetrack portfolio attracts interest.(Sport news)(Jones Lang LaSalle Corporate Finance )(Brief Article)
July 1, 2003... Jones Lang LaSalle Corporate Finance said it has received significant expressions of interest in Octagon Motor Sports, the owner of the Brands Hatch, Snetterton, Oulton Park and Caldwell Park racing tracks. Interpublic Group, the American...

Plans submitted for new athletics stadium under Cardiff's FC scheme.(Sport news)(Holder Mathias Architects)(Brief Article)
July 1, 2003... Architect Holder Mathias has submitted plans for a new athletics stadium in Cardiff. The Leckwith Road stadium is the first phase of a 100m [pounds sterling] sports and retail development plan for Cardiff City Football Club. It will pave...

100m [pounds sterling] for community sport.(Sport news)(Brief Article)
July 1, 2003... Tessa Jowell, secretary of state for Culture, Media and Sport, announced that a further 100m [pounds sterling] of Lottery money would be committed to grassroots sport and physical activity across the UK. Speaking at the Sports Summit...

Tighter rules for horseracing.(Sport news)(British Horseracing Board )(Brief Article)
July 1, 2003... The British Horseracing Board and the Jockey Club revealed new proposals designed to safeguard the integrity of British horseracing earlier this month. The 100-page report, which took more than five months to prepare, was in response to a...

Chelsea hopes to 'move to next level' after 140m [pounds sterling] sale to Russian billionaire.(Sport news)(Chelsea Football Club)
July 1, 2003... Chelsea Football Club is looking forward to a better-financed future after Russian billionaire Roman Abramovich bought Chelsea Village, owner of the premiership outfit and the hotel, restaurant and health club complex near its Stamford Bridge...

Peace takes his piece of West Bromwich Albion.(Sport news)(West Bromwich Albion)(Kappa)(Brief Article)
July 1, 2003... Jeremy Peace, the chairman of West Bromwich Albion, and Kappa, now own 60.37% of the club after shareholders accepted a 55 [pounds sterling] per share offer for 9,220 shares. Peace was obliged to make an offer to acquire the rest of the...

Hilton's Devlin tees off at Baydrive.(Sport news)(Baydrive Group)(Brief Article)
July 1, 2003... Roger Devlin, the group corporate development director of Hilton, has become non executive chairman of Baydrive Group, the high-tech driving range operator. Devlin, who is also on the board of Ladbroke Worldwide Betting, joins Baydrive as...

Aberdeen FC quits London Stock Exchange.(Sport news)(Brief Article)
July 1, 2003... Aberdeen Football Club has cancelled its admission to the London Stock Exchange, a decision that will take effect at the close of business on 1 August 2003. In a letter to shareholders, the club announced it was leaving the Alternative...

Football club sale speculation rife.(Sport news)(Brief Article)
July 1, 2003... The sale of Chelsea Village has sparked a raft of speculation about the future ownership of a number of other large football clubs. Manchester United was the subject of takeover rumours when Irish entrepreneurs John Magnier & JP McManus...

DCMS--the Whitehall Cinderella: Viscount Thurso says the recent Cabinet reshuffle was a mess, but it brings hope for tourism.(Tourism comment & news)
July 1, 2003... By common consent the Prime Minister made a pretty good mess of the recent Cabinet reshuffle. The first announcement abolished the Lord Chancellor, and the secretaries of state for Scotland and Wales, only for all three to reappear within...

East London aquarium plans get funding boost.(Tourism comment & news)(Zoological Society of London)(Brief Article)
July 1, 2003... Plans for a major aquarium designed by Terry Farrell and to be run by the Zoological Society of London, have taken a step forward after Bank of Scotland Corporate Banking agreed to provide initial funding for the scheme. The bank is...

Parkdean hopeful despite reporting 3.8m [pounds sterling] loss.(Tourism comment & news)(Brief Article)
July 1, 2003... Parkdean Holidays, the operator of 14 holiday parks in the South-West, Scotland and Wales, reported a pre-tax loss of 3.8m [pounds sterling] for the half-year to 25 April as the result of the purchase of a new holiday park. The figure...

New head for business tourism.(Tourism comment & news)(Brief Article)
July 1, 2003... VisitBritain, the lead body for tourism, has appointed Jeremy Brinkworth as head of business tourism. Brinkworth, who has worked at VisitBritain and its previous incarnation, the British Tourist Authority, for 23 years, will be responsible...

Leisure central to Stannifer's 100m [pounds sterling] High Wycombe regeneration project.(Property & development news)(Wycombe District Council)(Brief Article)
July 1, 2003... Stannifer, the Stratford-upon-Avon based property and development group, has submitted plans for a 100m [pounds sterling]-plus redevelopment of High Wycombe town centre to Wycombe District Council. The group, which co-owns the Octagon...

Solstice Park moves ahead.(Property & development news)(Amesbury Property Company)(Salisbury District Council )(Brief Article)
July 1, 2003... Amesbury Property Company, a consortium of local landowners and developers, has won approval from Salisbury District Council for the latest phase of its 250m [pounds sterling] Solstice Park business and leisure scheme, just three miles from...

PPG Land and Sterling to develop Newcastle site.(Property & development news)(Sterling Capital )(Brief Article)
July 1, 2003... Premier Property Group and the Leeds-based Sterling Capital are now the preferred developers for the much sought-after former Scottish & Newcastle brewery and bottling plant. The developers--Premier is owned by Glasgow Rangers FC chairman,...

Cheltenham scheme gets green light.(Property & development news)(Brief Article)
July 1, 2003... Salmon Harvester Properties and Interbrew UK have been given the go ahead for their [pounds sterling[40m mixed-use development in Cheltenham town centre. The detailed planning consent for the four acre site in the Gloucestershire town...

Trentham Gardens detailed plans.(Property & development news)(Trentham Leisure)(Stafford Borough Council)(Brief Article)
July 1, 2003... Trentham Leisure, a subsidiary of St Modwen Properties, has submitted detailed plans for the first stage of a 100m [pounds sterling] redevelopment of Trentham Gardens to Stafford Borough Council. The first phase of the scheme in...

Benjys says flotation 'not imminent' as expansion gathers pace with van plans.(Eating & drinking news)
July 1, 2003... Benjys, the cut-price sandwich-bar chain, confirmed that flotation is one option for the firm, but said that the earliest it could happen is in 18 months' time. Recent newspaper reports suggested the firm was talking to advisers about a...

EU fridge rules for restaurants.(Eating & drinking news)(Brief Article)
July 1, 2003... New rules from Europe, due to become UK law by 2005, will require hotels and restaurants to regularly record the temperature inside their fridges and when they put food in and take it out. They would also have to give the temperature of...

Fidelity wants to remain PizzaExpress shareholder.(Eating & drinking news)(Brief Article)
July 1, 2003... Fidelity, the American investment firm that held out against the takeover of PizzaExpress because it felt the company was being undervalued, is reported to be trying to remain a shareholder in the restaurant chain after the successful bid by...

Sainsbury's teams up with RA for promo.(Eating & drinking news)(Restaurant Association )(Brief Article)
July 1, 2003... Sainsbury's Magazine is in talks with the Restaurant Association to run a promotion encouraging readers into restaurants during the low period after Christmas. Readers will be able to collect vouchers throughout February and March, which...

Whitbread to spend 300m [pounds sterling] on acquisitions.(Eating & drinking news)(Brief Article)
July 1, 2003... Whitbread is planning to spend around 300m [pounds sterling] over the next five years expanding its the Brewers Fayre and Brewsters Inn chains. The company will focus on suburban sites, adding 35 new outlets a year. Many of the new...

Gowrings sees sales rise 2%.(Eating & drinking news)(Brief Article)
July 1, 2003... Gowrings, one of Britain's biggest Burger King franchisees, has told shareholders it has seen like-for-like sales up 2% and an "encouraging" improvement in overall operating martins. Derek Coulson, the company's chairman and chief...

Cameron Mackintosh to stage West End revival with 35m [pounds sterling] theatre makeover.(Cinema & entertainment news)(Brief Article)
July 1, 2003... Sir Cameron Mackintosh, producer of musical hits such as Les Miserables, The Phantom of the Opera, My Fair Lady, and Miss Saigon, is spending 35m [pounds sterling] of his own money on rejuvenating London's West End. Mackintosh unveiled...

Georgica says trading 'materially improved'.(Cinema & entertainment news)(Brief Article)
July 1, 2003... Georgica, the cue sports to fast foods operator, said that trading has improved "materially" since last autumn with group sales in the six months to 29 June rising 1.9% to 43.3m [pounds sterling] from 42.5m [pounds sterling] and like-for-like...

Luminar l-f-ls still down 6%.(Cinema & entertainment news)(Brief Article)
July 1, 2003... Luminar, Britain's biggest late-night bar and club operator, has told City analysts its like-for-like sales are still down around 6% on last year as the public continue to stay at home mid-week. The company said 59 units will receive 30m...

Leicester Square plaza plans.(Cinema & entertainment news)(Leicester Square Association)(Brief Article)
July 1, 2003... London's Leicester Square could get a facelift designed to make the plaza comparable to sites in Paris and Rome. The Leicester Square Association has announced plans to introduce uniformed waiter service, white tablecloths and real cutlery...

Imax cinema for Disney.(Cinema & entertainment news)(Brief Article)
July 1, 2003... IMAX Corp has announced plans to open an Imax 3D cinema at Disneyland Paris. The Imax at Disneyland Paris will be the 47th Imax in Europe. It will open in June 2004 and will use the Imax DMR technology to adapt conventional 35mm...

Marquee Club sold.(Cinema & entertainment news)(The Marquee Club )(Brief Article)
July 1, 2003... The Marquee Club in Islington, London, has been sold to the McKenzie Group for an undisclosed fee. McKenzie owns six live music venues in London, including the Brixton Academy and Shepherd's Bush Empire. The company is expected to...

Stanley turnover reaches 1bn [pounds sterling] as chairman announces non-exec role.(Betting & gaming news)
July 1, 2003... The announcement by Leonard Steinberg, the chairman of Stanley Leisure, that he is downgrading his executive status to non-executive, has raised question marks over the future direction for the company--the UK's largest casino operator and...

Sportingbet: 'bid talks are over'.(Betting & gaming news)(Brief Article)
July 1, 2003... Sportingbet, the online gambling group, announced that talks with an unnamed party over a 46m [pounds sterling] bid for the company have been terminated The 30p per share cash offer for Sportingbet, was dependent on the Alternative...

Interactive TV gambling market set for growth.(Betting & gaming news)
July 1, 2003... Operators of gambling via interactive television face a challenge in extracting profit from the huge growth expected in the sector. Early findings from research by Screen Digest, the media intelligence company, forecast that total iTV...

Gala and Harrah's to spend up to $1bn in UK.(Betting & gaming news)(Brief Article)
July 1, 2003... Gala Group, the gaming operator, has unveiled details of its $1bn (600m [pounds sterling]) joint venture with Harrah's Entertainment, the casino operator from the United States. The pair have signed a letter of intent to develop up to eight...

Jowell unveils Lottery, shake-up.(Betting & gaming news)(Brief Article)
July 1, 2003... Tessa Jowell, the Culture Secretary, announced plans to shake-up the National Lottery in a bid to revive flagging ticket sales. The plans, the result of a review into the Lottery announced a year ago, will mean that Camelot, the current...

FOBT question mark for William Hill forecasts.(Betting & gaming news)(Brief Article)
July 1, 2003... TD Waterhouse questioned the reliability of William Hill's estimations of 20m [pounds sterling] to 30m [pounds sterling] ebitda from 2,000 roulette fixed odds betting terminals in 2004. Analysts at the stockbroking firm said the UK's second...

Aspinalls benefits from low overheads.(Betting & gaming news)(Golden Palace )(Brief Article)
July 1, 2003... Aspinalls Online's losses before interest fell from 41.31m [pounds sterling] in 2001 to 1.48m [pounds sterling] in 2002 due the company's decision to outsource management of its online casino operations in April 2002. Golden Palace now...

MGM opens JV and sells Golden Nugget.(Betting & gaming news)(Borgata Hotel, Casino and Spa )(Brief Article)
July 1, 2003... The Borgata Hotel, Casino and Spa in Atlantic City, developed by a joint venture between MGM Mirage and Boyd Gaming, the US casino operators, opened earlier this month. The site houses 2,002 guest rooms and suites; a 125,000 square foot...

BHA strengthens alliances to tackle food and stamp duty issues.(Industry news)(Food and Drink Federation )
July 1, 2003... The British Hospitality Association has formed an alliance with the National Farmers Union, the Food and Drink Federation and the British Retail Consortium to ensure the government considers all parts of the supply chain when consulting on...

All change for DCMS ministers.(Industry news)(Brief Article)
July 1, 2003... Richard Caborn, the Minister for Sport, has taken responsibility for gambling, tourism and licensing after the recent cabinet reshuffle, which saw former DCMS minister Kim Howells promoted to the Department of Transport. Earlier reports...

Directors enjoy biggest pay rises in leisure and hospitality.(Industry news)
July 1, 2003... Directors enjoyed the biggest salary increases, of 8.2%, in 2002/2003, according to the 14th Annual Remuneration Survey of chief executives, directors and senior management across the leisure raid hospitality industry. The survey of 13 job...

New credit cards could cause crime.(Industry news)(Brief Article)
July 1, 2003... Chip and pin cards, designed to cut credit and debit card fraud, could lead to an increase in other types of crime, a leading anti-fraud police officer has warned. The technology, which replaces credit card signatures with a four-digit pin...

Staying ahead of the game: Gala has come a long way since Bass sold its bingo business, says Dominic Walsh of The Times.(Behind the headlines)
July 1, 2003... Nothing is guaranteed to rile Sir Ian Prosser and Richard North more than people pointing out how the Gala bingo business they sold in 1997 for 236m [pounds sterling] recently changed hands for 1.24bn [pounds sterling]. The implication of such...

Destination plus experience equals success: excitement and passion can give your leisure venue long-term appeal.(The bigger picture)
July 1, 2003... When I first arrived at the Dome you could tell that the venue had the potential to become an enormous success. It had a decent concept and an excellent team. The only thing that was obviously missing, in my view, was the most important...

Multiplex personality: Richard Segal tells Mel Flaherty that Odeon's recent change in ownership will accelerate its growth.(Profile)
July 1, 2003... If yoga had a marketing body and it was looking for a new representative to shatter the activity's stereotypical image, then it could do a lot worse than to employ Richard Segal. Once a week, for the last three and a hall years, the 40-year...

Public pain to private gain? Mike Fletcher from Altium Capital looks into the trend for public leisure firms to go private.(Funding)
July 1, 2003... Over the last year, the quoted leisure sector has seen a decline in investor confidence, largely due to weakening consumer confidence and a reduction of discretionary spend. Quoted companies in the sector have issued numerous profit warnings...

Accounting for change: the International Accounting Standards could benefit leisure businesses, says Ernst & Young.(Business matters)
July 1, 2003... The European Union is introducing a new financial reporting framework for listed companies as part of the move towards a single European Capital Market. Rather than viewing the adoption of these International Accounting Standards as merely a...

Leisure Report LR Index leisure stockwatch July 2003.(Sharewatch & diary dates)
July 1, 2003... This month's table is changed by the notable absence of Fitness First, which has now gone private after the 210m [pounds sterling] management buyout backed by Cinven, the private equity house. Elsewhere in the health club sector, shares in...

Diary dates.(Sharewatch & diary dates)(Brief Article)(Calendar)
July 1, 2003... September Event 3rd Annual IHRSA/Fitness BRASIL 2003 Date 11-13 Location Sao Paulo, Brazil Description Latin American fitness industry conference Contact www.ihrsa.org Event EuroMoney London International Hotel...