The UK’s third-largest bingo club business returned to the acquisition trail today with an £11m deal for another operator.
Top Ten, which is the biggest chain after industry giants Mecca and Gala, added clubs in Rhyl, Caernarfon and Blackpool to its portfolio through the deal for Apollo Bingo.
St Albans-based Top Ten began with 11 clubs in 2002 and will have 41 clubs and almost three million players a year following the latest deal.
It said it remained on the lookout for other potential acquisitions.
Apollo’s clubs attract more than 300,000 admissions a year. The firm also has the lease for a new club set to be built in Worksop, Nottinghamshire.
Top Ten joined the Alternative Investment Market in 2002 in a move aimed at cashing in on the fragmented bingo industry.
Since then, it has added chains such as Masons, Walkers and Welcome through a series of acquisitions and said today that it was well-placed to grow further.
It said: “We are aware of a number of opportunities some of which, after careful consideration and due diligence, we hope to be able to acquire in due course.”
Top Ten also said it planned to raise around £3.3m through a shares placing. Both the placing and acquisition are subject to shareholder approval at a meeting in January.
The group said trading in the first half of its financial year was “satisfactory” and that the group continued to perform in line with management expectations.
Apollo made pre-tax profits of £1.1m on sales of £3.3m in the year to 26th March.
References: EGi News 23/12/05
