Georgica sells Rileys and considers takeover approaches
31/07/2007
Leisure group Georgica has announced the sale of its Rileys snooker halls business to the European private equity arm of Greenhill and North Atlantic Value for £34.1m. Following the sale, Georgica has also received "a number" of takeover approaches for the business as a whole.
If the Rileys sale is to include a £28m sale and leaseback deal of property, the total consideration will come to £62.1m. Georgica will retain 8 properties to either redevelop or sell.
A sale of its Tenpin bowling business also seems likely by Christmas according to some reports, as six or seven parties, including private equity and trade buyers, are running a slide rule over the 39 alleys. Georgica intends to review the offers in earnest in September.
"Georgica has received a number of approaches from parties interested in acquiring the whole of Georgica following satisfactory completion of the transactions outlined above. Georgica now intends to explore such approaches," the company said in a statement.
