Leisure Report articles from July 2008

Leisure Report archives from July 2008

Morgan Stanley warns leisure stocks face 25% downside.
July 1, 2008... Analysts at Morgan Stanley have warned that the leisure sector is one of the most exposed to the economic downturn. The firm warned that although sector stocks have fallen by an average of 35% since last year's peak, there is potential for up...

Is help at hand for beleagured bingo.(Inside track)
July 1, 2008... As Leisure Report went to press this month, a number of proposals to help bingo clubs by a slight easing of restrictions on gaming machines were announced by Gerry Sutcliffe, the UK sports minister. In a statement to Parliament, Sutcliffe...

UK's 48-hour working week saved by EU.(Breaking news)
July 1, 2008... UK hospitality and leisure staff have been granted a permanent right to work more than 48 hours a week, after a compromise from the government, which agreed plans to give temporary workers the same employment rights as permanent staff, after 12...

JJB launches MiFit, its new budget club concept--at 9.95 [pounds sterling] a month.(Breaking news)
July 1, 2008... JJB sports has chosen Cardiff for the UK launch of MiFit.Com, its new budget gym concept. The MiFit.Com concept does away with contracts so consumers are not tied to the club for a minimum length of time. Priced at 9.95 [pounds sterling]...

PruHealth extends Fitbug contract.(Breaking news)
July 1, 2008... ADDleisure, through its 50/50 joint venture Fitbug, has signed a five year extension with PruHealth, the medical insurance company, which will extend the existing three-year contract to supply memberships of Fitbug.com to PruHealth policy...

Plans for Battersea Eco-Dome.(Breaking news)
July 1, 2008... The owners of the Battersea Power Station have come up with a new proposal for the redevelopment of the site, which is set to become a 4bn [pounds sterling] "Eco-Dome". Real Estate Opportunities, a publicly-listed investment vehicle...

Sportingbet profits up 143%.(Breaking news)(Financial report)
July 1, 2008... Sportingbet, the online sports betting and gaming group, reported a 143% rise in profits for the third quarter to 30 April. The firm said group operating profit, before exceptional items, fair value restatements and amortisation, was up...

Global health club revenues up 10.2%, according to IHRSA figures.(News: Health, fitness & sport)(International Health, Racquet & Sportsclub Association)
July 1, 2008... Revenues at health clubs globally rose by 10% to $61.4bn (30.2m [pounds sterling]), the International Health, Racquet & Sportsclub Association (IHRSA) announced in its 2008 Global Report: The State of the Health Club Industry. Findings in...

Virgin Active reports 28% ebitda rise to 76m [pounds sterling].(News: Health, fitness & sport)(Financial report)
July 1, 2008... UK and international health club operator Virgin Active has announced an eight consecutive year of revenue and ebitda growth. Unveiling summary results for the year to 31 December 2007, the firm said revenues were up 4% to 313.5m [pounds...

ADDleisure in Asia-Pacific jv.(News: Health, fitness & sport)(joint venture)(Brief article)
July 1, 2008... ADDleisure Plc, the AIM-traded developer of products and services in the health and leisure sector, said Digital Plantation, its jointly-owned management software business, has signed a joint venture agreement with EZYPAY, a direct debit...

Leisure Connection owner is sold to Credit Suisse-led fund for 85m [pounds sterling].(News: Health, fitness & sport)
July 1, 2008... Danoptra, the manufacturer and operator of gaming machines, and owner of Leisure Connection, has announced a re-financing and an investment of new funds, after a group of financial institutions, led by Credit Suisse Group, agreed to provide 85m...

Government's 140m [pounds sterling] swim scheme welcomed.(News: Health, fitness & sport)
July 1, 2008... The government has announced a new 140m [pounds sterling] fund to boost sport and fitness through free swimming for the over-60s as part of a drive to get two million people more active by the London 2012 Olympics. The fund, announced...

Ex-JJB sites still to deliver for Powerleague.(News: Health, fitness & sport)(Brief article)
July 1, 2008... UK small-sided football operator Powerleague has not yet fully integrated the five former JJB Soccer Domes it bought last year, although it has begun to put initiatives in place. The firm opened its doors to analysts last month, and Panmure...

Relegated Birmingham prepare to count the cost.(News: Health, fitness & sport)(Brief article)
July 1, 2008... Birmingham City, which suffered relegation to the second flight of English football this season, will be counting the cost, after releasing interim results for the six months to 29 February which illustrate the value of Premiership status. ...

Sports minister backs trusts.(News: Health, fitness & sport)(Gerry Sutcliffe )(Brief article)
July 1, 2008... Sports Minister Gerry Sutcliffe heaped praise on the work of leisure trusts at sporta's AGM. Sutcliffe gave a speech to delegates from sporta's 120 member trusts, stating that members' opinions are very important as deliverers of sport at...

Ladbrokes set for ECJ.
July 1, 2008... Ladbrokes has welcomed the Dutch Supreme Court's decision to refer questions regarding its case against the Dutch government to the European Court of Justice. The company says it will now be able to have its case clarified under EU law....

Guoco rises in rank.
July 1, 2008... Asia-based Guoco Group has raised its stake Rank Group, the UK casino and bingo company, to 14.15%, according to a filing to the stock exchange. Guoco has been gradually raising its stake since January> when it held around 4%.

NETeller bosses buy in.
July 1, 2008... NETeller, the funds transfer service group, said chairman Dale Johnson bought 16,000 shares, while Ron Martin, president and chief executive, purchased 50,000 shares, and non-executive director Don Lindsay bought 20,000 shares at 60.08p each.

Non-exec into Sportingbet.
July 1, 2008... Sportingbet said Sean O'Connor, senior independent non-executive director, had purchased 100,000 shares in the company at 34p each, lifting his stake to 347,848 shares.

NMLS raises cash.
July 1, 2008... New Media Lottery Services (NMLS, the AIM-quoted gaming content and systems provider, is to raise 1.3m [euro] before expenses through a secured convertible loan from Trafalgar Capital Specialized Investment Fund. NMLS will use the proceeds of...

Betbrokers warns on FY profits as demand outstrips its capital supply.(News: Betting & gaming)
July 1, 2008... Betbrokers, the AIM-listed sports betting retail, brokerage and clearing house, admitted it had turned away business because of a shortage of funds, but sought to reassure investors about its future. Wayne Lochner, the chairman and chief...

Rank wins landmark VAT judgement.(News: Betting & gaming)
July 1, 2008... Rank Group is set to receive for a 36m [pounds sterling] VAT rebate after winning a landmark legal dispute with HM Revenue & Customs (HMRC), which could spark other bingo operators to lodge claims. Rank persuaded the VAT and Duties Tribunal...

Probability signs Three deal.(News: Betting & gaming)(Hutchison 3G UK)(Brief article)
July 1, 2008... Probability plc, the AIM-listed mobile phone gambling specialist, has signed an agreement with Hutchison 3G UK, owners of Three, the largest 3G mobile network in the UK and Europe. Probability has agreed to pre-install a permanent link to...

VC staff arrested in Malysia.(News: Betting & gaming)
July 1, 2008... Victor Chandler (VC), the Gibraltar based bookmaker, has confirmed that 15 members of staff from its Kuala Lumpur IT and customer service centre were arrested by police. The employees have since been released on bail by Malaysian...

Interactive recovery on track at William Hill.(News: Betting & gaming)
July 1, 2008... UK bookmaker William Hill confirmed its new interactive platform would be ready by the end of November at an investor last month, prompting JP Morgan's analysts to call the firm "the top pick in UK gaming". William Hill said its online...

Paddy Power set for more growth this year.(News: Betting & gaming)
July 1, 2008... Morgan Stanley has upgraded its growth forecast for Paddy Power, moving the stock to 'equal weight' with a target price of 28 [euro], and its 2008-09 earnings per share raised by 7%-8%. In a research note, the firm said "Paddy Power shares...

WorldSpreads moves to profit as turnover climbs 87%.(News: Betting & gaming)(WorldSpreads Group)(Financial report)(Brief article)
July 1, 2008... WorldSpreads Group, the UK-listed spread betting firm, said it had recorded a full-year pre-tax profit of 2.65m [euro] from a 45,000 [euro] loss last year, on the back of an 87% hike in turnover. Group turnover rose to 12.3m [euro], on...

Playtech to raise 112m [pounds sterling] war chest via share placing.(News: Betting & gaming)(Brief article)
July 1, 2008... Playtech, the listed online gaming developer, is planning to raise up to 112m [pounds sterling], before expenses, through a placing of up to 21,620,946 new shares at 520p each. The price represents a 5% discount to the closing mid-market...

Cavendish markets 14 clubs.(Cavendish Bars)(Brief article)
July 1, 2008... Cavendish Bars, the company formed out of various Luminar nightclub assets, has put 14 sites up for sale. Most of the clubs and bars included in the package, which is being marketed through property agent Davis Coffer Lyons, are not thought to...

Leicester Square club sale.
July 1, 2008... The exclusive nightclub Number One Leicester Square in London's West End has been put up for sale. Administrators Baker Tilly have appointed Christie & Co to handle the disposal of the lease. The asking price has not been revealed but Leisure...

MAMA completes deal.
July 1, 2008... MAMA Group, the live music venue operator, confirmed it had completed its proposed deal to purchase 70% of Angel Music Group, through MAMA's wholly-owned subsidiary, Mean Fiddler Holdings. MAMA paid an initial consideration of 2.6m [pounds...

STAR to develop new code of practice for event ticketing market.(News: Cinema & entertainments)(Society of Ticket Agents and Retailers)
July 1, 2008... The UK's official ticketing body, the Society of Ticket Agents and Retailers (STAR), hosted an open meeting to discuss reshaping the entertainment ticket industry, at which it aimed to explore the first steps in delivering a new code of...

XDC signs digital screen deal.(News: Cinema & entertainments)
July 1, 2008... Digital cinema equipment and services company XDC has signed agreements with four major studios for the deployment of 8,000 digital screens, leading the digital cinema rollout in Europe. Screen Digest reported that the nonexclusive...

Bowplex wins H&S award.(News: Cinema & entertainments)(Occupational Health and Safety Award)(Brief article)
July 1, 2008... UK tenpin operator Bowlplex has again won the Royal Society for the Prevention of Accidents (RoSPA) Occupational Health and Safety Award for its 16 family entertainment centres. Ben Carne, Bowlplex health and safety manager said: "Once...

Ex-Park Resorts duo purchase Golden Sands.(News: Tourism & attractions)
July 1, 2008... Golden Sands holiday park in North Wales has been acquired for an undisclosed sum by Holiday Park Holdings, which is run by an experienced management team consisting of David Vaughan and Robert Sewell--founders and former directors of Park...

Visa costs weigh on inbound tourism, says UKinbound.(News: Tourism & attractions)
July 1, 2008... The latest tourism figures from UKinbound show small year-on-year increases in both visitor numbers and forward bookings during April, although the agency warned that, although the uplift was welcome, "the trend of recent months continues with...

Merlin takes over Blackpool Sea Life centre.(News: Tourism & attractions)(Brief article)
July 1, 2008... The Merlin Entertainments Group has taken full control of the Blackpool SEA LIFE attraction after 18 years of working with a joint venture partner, having agreed a deal to acquire the 50% share held by Leisure Parcs. "This deal makes good...

Ripley's to open site in London.(News: Tourism & attractions)(Ripley Entertainment Inc.)(Brief article)
July 1, 2008... Ripley Entertainment, the global attractions firm with annual attendance figures exceeding 13 million, is set to open a 'Ripley's Believe It or Not!' museum in the West End by August. London Bridge Entertainment Partners LLP (LBEP) is a...

Waiting staff win tips boost.(Brief article)
July 1, 2008... Tips paid to staff via a common pool can not be included in National Minimum Wage calculations after a High Court ruling. HM Revenue & Customs (HMRC) made a successful appeal on the question of "troncs"--tips pooled centrally then shared among...

McDonald's global sales rise by 7.7% in May.
July 1, 2008... Shares in the fast food giant McDonald's rose sharply after it revealed an increase of 7.7% in global sales for May. The corporation said non-domestic sales had driven the results and had been outpacing domestic results for some time....

Eat appoints PwC for strategic review.
July 1, 2008... Eat is reported to have appointed PricewaterhouseCoopers to carry out a strategic review of the group. The 85 strong sandwich chain is expected to raise up to 150m [pounds sterling] in a sale, with a private equity group mooted as the most...

Starbucks targets 150 travel market locations.(News: Food & drink)
July 1, 2008... Starbucks Coffee Company and SSP, the European travel-focused food and beverage operator, have announced a partnership agreement to open more than 150 Starbucks stores in prime travel channels in key European markets within the next three...

PE firms to sell Burger King stakes?(News: Food & drink)
July 1, 2008... Three private equity companies have withdrawn their executives from the Burger King board amid rumours they are to sell their $1.2bn (607m [pounds sterling]) stake in the fast food giant. TPG Capital, Bain Capital and Goldman Sachs Funds...

Diageo to miss Olympic gold.(News: Food & drink)
July 1, 2008... Diageo, the drinks giant, could be set to lose out on a 60m [pounds sterling] sponsorship deal with the organisers of the 2012 Olympics, amid concerns that it could lead to criticism from health campaigners. The company has been in...

Coffee Republic raises more funds.(News: Food & drink)(Brief article)
July 1, 2008... Coffee Republic said it has accepted a further subscription for loan notes with an aggregate nominal value of 10,000 [pounds sterling], after having issued its first tranche of loan notes with a value of 500,000 [pounds sterling]. The...

Dubai World's Leisurecorp buys 55m [pounds sterling] Turnberry complex.(News: Property & development)(Brief article)
July 1, 2008... Leisurecorp, the Dubai World-owned company specialising in developments and investments in the sports and leisure sector, is to purchase Turnberry, the host venue for the 2009 Open Championship, from Starwood Hotels & Resorts Worldwide, for 55m...

ABP expands Lowestoft port.(News: Property & development)(Associated British Ports )(Brief article)
July 1, 2008... Lowestoft Haven Marina (LHM), owned and operated by Associated British Ports (ABP), has completed its latest round of expansion with the development of a satellite site in the Port of Lowestoft's Hamilton Dock. An investment of 500,000 [pounds...

Roko opens 7m [pounds sterling] York site.(News: Property & development)(Brief article)
July 1, 2008... Roko Health Clubs has opened its sixth site, in York, with Life Fitness in partnership with Escape Fitness. Hailed as Roko's flagship facility in the north, Roko York is a new-build site, located on the Clifton Moor retail and industrial...

35m [pounds sterling] casino for Great Yarmouth?(News: Property & development)
July 1, 2008... Pleasure and Leisure Corporation (P&LC) has submitted a proposal for a 35m [pounds sterling] casino and leisure complex to Great Yarmouth Borough Council, in conjunction with Aspers Casino, which will operate the new 'large' casino if the...

23m [pounds sterling] ski centre for Herts.
July 1, 2008... Sir Robert McAlpine is converting the dry slopes at Hemel Ski Centre in Hertfordshire, into a 23m [pounds sterling] indoor skiing and snowboarding rite. The Snow Centre will offer a 160m indoor ski slope, a 100m nursery slope, two drag lifts...

Air museum plan takes off.
July 1, 2008... Solent Sky Aviation Museum in Southampton is to be rebuilt and its collection extended in a bid to increase visitor numbers. Plans have been granted outline permission by Southampton City Council. Attendance has fallen in recent years, so the...

1.1m [pounds sterling] boost for Clitheroe.(Roefield Leisure Centre )(Brief article)
July 1, 2008... Ribble Valley Borough Council, the North West Development Agency, the Bowland Charitable Trust and a Sport England Lottery award have provided funding for a 1.1m [pounds sterling] expansion of Roefield Leisure Centre in Clitheroe, Lancashire....

17m [pounds sterling] centre for Barnstaple.(Brief article)
July 1, 2008... Plans to build a 17m [pounds sterling] leisure centre in Barnstaple, North Devon, have been approved by the local council. As yet there are no detailed designs, but the scheme is likely to include an outdoor pool, climbing wall, gym facilities...

NEC to partner Genting Stanley for 90m [pounds sterling] casino plan.(News: Property & development)
July 1, 2008... The NEC Group plans to partner Genting Stanley for the proposed addition of a 90m [pounds sterling] leisure and entertainment complex, including a large casino, to the National Exhibition Centre site. The proposed complex will feature a...

Consumer confidence slumps to record low as credit crunch weighs.(News: Industry)
July 1, 2008... A new report reveals that rising costs and talk of falling property values have pushed Britain's consumer confidence to a record low. The survey, by market research company Nielsen and the British Retail Consortium (BRC), asked more than...

UK inflation could top 4%.(News: Industry)
July 1, 2008... Rising food and energy prices could push UK consumer inflation above 4% this year, Mervyn King, the governor of the Bank of England has warned. He was speaking after the Office for National Statistics (ONS) said the Consumer Prices Index...

CBI predicts lowest growth since 1992 as oil price doubles.(News: Industry)
July 1, 2008... The UK economy is set to grow at its slowest rate since the early 1990s due to rising oil and food prices, according to the latest report by the CBI. The study has cut its growth forecast in 2009 from 1.7% to 1.3%, which is the lowest annual...

Giving credit where credit is due: BDO Stoy Hayward's Jim Pinder explains how businesses which offer membership subscriptions could be missing out on potential savings on VAT, if payments are deferred.(Insight)
July 1, 2008... Professional advisors appreciate the need to ensure that the answers they give to their clients' questions are accurate. The problem is that clients do not always ask the right questions. For example, a health club proprietor may ask their...

Stretching the point: David Minton says health clubs are trying to meet an increasing demand for yoga classes, as more people are embracing the idea of a 'wellness' lifestyle.(Insight: Yoga)
July 1, 2008... I've just returned from a week's intensive yoga course in Italy--and I survived. I don't want to sound too melodramatic, but I did wonder how I would cope with moving from two and half hours of yoga a good week to twenty five hours in six days....

How green is your valley? Holiday parks have proved to be an attractive investment for the private equity community, writes Jonathan Endersby, but how well do they fit with environmental sustainability?(Insight: Holiday parks and the environment)
July 1, 2008... In these increasingly environmentally-aware times, some conscientious holiday makers are working to lessen their environmental impact. While some still fly many miles to distant lands, but use carbon offsetting schemes to ease their conscience,...

Time to venture forth: deal activity in the sector has largely ground to a halt, and with private equity in hibernation, now may be the time for the corporate players to strike.(Insight: M&A activity)
July 1, 2008... With the credit markets still in the doldrums, the highrollers in the big buyout houses are off improving their golf handicaps and overseeing their country estates, leaving the world of big mergers and acquisitions to the large corporates. ...

Pay for performance 2008: Janet Salmon looks at the key issues raised by her annual pay for performance report, which examines the financial performance of leisure firms, compared with executives' remuneration.(Insight: Executive remuneration)
July 1, 2008... What are the challenges and risks in managing executive pay? Newspaper headlines frequently talk about excessive executive remuneration, while the French government has hinted about the introduction of executive pay curbs. Meanwhile, EU finance...

Building bloc: Montenegro's resurgence as an international tourism destination is at risk reports Phil Cain, Leisure Report's Balkans correspondent.(Insight: European tourism)
July 1, 2008... "I would like to take this opportunity to invite friends from the European Union to visit," said Milo Djukanovic, Montenegro's prime minister, back in May 2006, the day after a referendum narrowly sanctioned the country's independence from...

Don't get caught in the web: Louise Vacher, head of customer research, ORC International, investigates how companies can make the most effective use of their online communications with their customers.(Insight: Online communication)
July 1, 2008... The internet is changing the way we do business in numerous ways but, in many sectors, its potential use as a customer feedback mechanism has yet to be fully realised. Used correctly, it can be a very powerful and cost-effective tool--and...

Run for cover: Fiona Gill from Davies Arnold Cooper LLP, looks at the recent changes to the corporate manslaughter legislation, and how they could affect UK leisure businesses.(Legal: Corporate manslaughter)
July 1, 2008... Recent media coverage has highlighted the dangers associated with some leisure activities, as well as the lack of regulation in some areas. At the recent inquest into the tragic death of a nine-year-old girl in a canoeing accident in Wales in...

Unwrap the "pre-pack" process: Sarah Rayment de-mystifies the practice of the so-called "pre-pack" administration sale, and the reasons why they are being seen more frequently in the pub and restaurant sector.(Insight: Business recovery)
July 1, 2008... As the effect of the credit crunch spreads to the wider economy, there will inevitably be directors in some restaurant and bar groups who will be faced with the question of how to save their business. Historically, companies burdened with...

LR index leisure stockwatch June 2008.(Sharewatch)(Leisure Report )
July 1, 2008... This column is rapidly turning into the equivalent of a monthly letter from a manically-depressed relative. There's a pervasive air of gloom, interspersed with one or two bright spots. Clearly, the market is suffering at the moment, and there's...

The Rank Group.(People on the move)(appoitment of Phil Urban )(Brief article)
July 1, 2008... The Rank Group has announced the appointment of Phil Urban as managing director of its casino arm, Grosvenor Casinos. Urban took up his position with effect from 2 June 2008 and will also join the group's executive committee. He succeeds Peter...

Southampton Leisure.(People on the move)(Brief article)
July 1, 2008... Southampton Leisure said former chairmen Rupert Lowe and Michael Gordon Wilde had returned to the board. The return of the duo follows the resignations of chairman Leon Crouch, directors Patrick Trant and Keith Wiseman and chief executive Lee...

QHotels.(People on the move)(Nic Oldham)(Brief article)
July 1, 2008... QHotels has announced the promotion of Nic Oldham to group leisure and golf director, overseeing the group's 18 leisure clubs, 16 spas and five golf courses across its 21 properties. Vivien Sirotkin, director of hotel operations, said: "As a...

SNO!zone.(People on the move)
July 1, 2008... SNO!zone, the indoor real snow sports company formerly known as X-Scape, has appointed Regis Mosseron as its new managing director. Mosseron, who brings with him 14 years experience in the tourism industry, including eight at Disneyland Paris,...

The Fitness Industry Association (FIA).(People on the move)
July 1, 2008... The Fitness Industry Association (FIA) said Stephen Williams, formerly finance manager, has been promoted to the position of finance director. Richard Blackmore has been promoted to the position of sales and marketing director, while Zerritha...

London Aquarium.(People on the move)(Toby Forer )(Brief article)
July 1, 2008... Toby Forer has been appointed general manager of the London Aquarium following the attraction's recent acquisition by Merlin Entertainments. Forer, who has been with Merlin since 1987, was previously responsible for the strategic development...

Luminar Leisure.(People on the move)
July 1, 2008... Richard Brooke has stepped down from the board of Luminar Leisure, after four years of service as a non-executive director, to focus on the development of Setanta Sports, where he is an executive director.

Link4Life.(People on the move)
July 1, 2008... Peter Kilkenny, an Audit Commission local government inspector, has taken up a six-month secondment with the Rochdale Borough-wide Cultural Trust 'Link4Life'. Kilkenny, a specialist in the sport, leisure and culture field, will build an...

Playgolf.(People on the move)(David Piggins)(Mike Mealey)(Brief article)
July 1, 2008... Playgolf, the developer and operator of public access multi-sport facilities, said David Piggins is stepping down as chief executive, but staying on in a non-executive role, to focus exclusively on the development of PowerPlay Golf, in which...

Powerleague.(People on the move)(Calendar)
July 1, 2008... Powerleague, operator of five-a-side football centres, said that Jeremy Hall, development director, would step down as a director on 30 June. Hall will continue to work with Powerleague in a consulting capacity.

Diary dates: July.(Appointments)(Calendar)
July 1, 2008... July Event: The Retail & Leisure Awards 2008 Date: 3 Location: Grosvenor House Hotel, London, UK Description: Now in their 8th year these awards celebrate excellence in the Retail and Leisure property industry throughout the...