Northern England adult gaming centre operator Classic Leisure (Northern) Ltd., and its six centres has been acquired by Praesepe plc for GBP1.5m.

The public company bought Northern’s parent Issue Depth Limited, and with it the Classic operation. This brings the Praesepe estate to 40 locations. The new ones will be branded Cashino and integrated into Praesepe’s existing AGC division.

The Classic sites generated revenue of £1.4m and have an underlying EBITDA of £0.3m in the year to July 31, 2008 and are expected to generate positive operating cashflow and earnings post-completion.

Praesepe’s CEO, Nick Harding, commented that the new locations would offer scope for operational development and revenue growth "as we upgrade the machine estate and take advantage of the anticipated increase in stakes and prizes."