Nine adult gaming centres have changed hands in the UK with the acquisition of the locations from Case Concepts by Praesepe plc, the AGC operating group. The nine locations are further supplemented by four family entertainment centres also owned by Case.
All of the AGC locations will be rebranded to the Cashino name and the FECs, which include venues at Weston-super-Mare, Burnham-on-Sea and Ilfracombe, will continue under their present names.
The deal, which is to be completed on October 19, will see nearly 800 gaming machines change hands. Praesepe reports that the machines generated revenue of £3.4m and gross profits of £1.3m in the year to May 31, 2009. The effects of the Gambling Act and the smoking ban impacted trading, says Praesepe, and forced down profits over the previous year, but recently there were signs of recovery.
The one-year-old Praesepe now has 54 locations and the Case FECs bring a new sector within the scope of the public company.
