Thu, 23 Jun 2011 | BUSINESS SALE
The owner of some of the UK's highest profile racecourses, Arena Leisure Plc, has confirmed that it is reviewing options for its future that could include a sale of the company.
Arena, which counts Lingfield Park, Royal Windsor and Doncaster racecourses in its portfolio of seven properties, has confirmed that a review is underway, but there was no certainty that there would be any offer for the company.
The review was initiated following a report from its business adviser, Investec, that concluded that the business should be offered to potential buyers.
It is thought the billionaire property investor brothers, David and Simon Reuben, lead the early betting for potential suitors for the company. Last year they raised their existing stake in Arena to a little higher than 30 per cent, which many expected to trigger a takeover bid for the company.
The company posted an adjusted pre-tax profit of £5.4 million for the year ended Dec 31, but said in May that its 2011 profitability was unlikely to see a "material uplift" from last year as consumer confidence remained fragile. Its catering arm, however, has recently won a catering contract for the London 2012 Olympics, which is expected to aid profits.
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