UK operator Sceptre Leisure has bought rival operator Australian 8 Ball, which operates 1,150 machines across 410 sites predominantly across the south and south west of England.
In the 12 months to August 2009, Australian 8 Ball had a turnover of £2m. Scpetre is paying £1.1m for the business which is being satisfied by £990,000 in cash from the company’s existing resources and the issue of 182,422 new ordinary shares at 60.3 pence each.
Acquisition of Australian 8 Ball will strengthen Sceptre’s position in the southern marketplace and add a strategically important depot in that area. The company will now operate in excess of 22,000 machines across the UK.
Sceptre Leisure chief executive Ken Turner said: "Australian 8 Ball is an excellent fit with our business and strengthens our presence in southern England. Sceptre will continue to grow both organically and by selected acquisition. As is the Sceptre way, integration of Australian 8 Ball into our business will be effected quickly ad efficiently to derive the maximum benefit."
