AGC operator Praesepe has consolidated its position as the UK's fastest growing low stake, high volume gaming organisation with the acquisition of Beacon Entertainments.
The conditional agreement to purchase carries a purchase price of £5m and the assumption of £40m of existing bank debt. The deal will add 26 adult gaming centres currently operating under the Showboat brand and six bingo clubs under the Beacon Bingo brand to Praesepe’s portfolio, which on completion will rise to 86 venues.
Following completion, Brian Mattingley, currently executvie chairman of Beacon, will join the Praesepe board as an executive director with a focus on business development.
Reflecting on the purchase, Nick Harding, CEO at Preasepe, said: "We are acquiring a well run business with strong market presence in both AGCs and bingo clubs. The successful integration of our acquisitions to date give us the confidence that we will maximise the potential of these sites."
