Leisure Report back issues from July 2008:
Morgan Stanley warns leisure stocks face 25% downside.
Jul 01, 2008 ... Analysts at Morgan Stanley have warned that the leisure sector is one of the most exposed to the economic downturn. The firm warned that although sector stocks have fallen by an average of 35% since last year's peak, there is potential for up to 25% more value to be wiped off. ...
Is help at hand for beleagured bingo.(Inside track)
Jul 01, 2008; ... As Leisure Report went to press this month, a number of proposals to help bingo clubs by a slight easing of restrictions on gaming machines were announced by Gerry Sutcliffe, the UK sports minister. In a statement to Parliament, Sutcliffe proposed that the number of category B3 ...
UK's 48-hour working week saved by EU.(Breaking news)
Jul 01, 2008 ... UK hospitality and leisure staff have been granted a permanent right to work more than 48 hours a week, after a compromise from the government, which agreed plans to give temporary workers the same employment rights as permanent staff, after 12 weeks on a job. The UK was given a ...
JJB launches MiFit, its new budget club concept--at 9.95 [pounds sterling] a month.(Breaking news)
Jul 01, 2008 ... JJB sports has chosen Cardiff for the UK launch of MiFit.Com, its new budget gym concept. The MiFit.Com concept does away with contracts so consumers are not tied to the club for a minimum length of time. Priced at 9.95 [pounds sterling] per month--which JJB claims is the the ...
PruHealth extends Fitbug contract.(Breaking news)
Jul 01, 2008 ... ADDleisure, through its 50/50 joint venture Fitbug, has signed a five year extension with PruHealth, the medical insurance company, which will extend the existing three-year contract to supply memberships of Fitbug.com to PruHealth policy holders until 2014. PruHealth offers a ...
Plans for Battersea Eco-Dome.(Breaking news)
Jul 01, 2008 ... The owners of the Battersea Power Station have come up with a new proposal for the redevelopment of the site, which is set to become a 4bn [pounds sterling] "Eco-Dome". Real Estate Opportunities, a publicly-listed investment vehicle controlled by Treasury Holdings which acquired ...
Sportingbet profits up 143%.(Breaking news)(Financial report)
Jul 01, 2008 ... Sportingbet, the online sports betting and gaming group, reported a 143% rise in profits for the third quarter to 30 April. The firm said group operating profit, before exceptional items, fair value restatements and amortisation, was up 143.3% to 7.3m [pounds sterling] (2007: ...
Global health club revenues up 10.2%, according to IHRSA figures.(News: Health, fitness & sport)(International Health, Racquet & Sportsclub Association)
Jul 01, 2008 ... Revenues at health clubs globally rose by 10% to $61.4bn (30.2m [pounds sterling]), the International Health, Racquet & Sportsclub Association (IHRSA) announced in its 2008 Global Report: The State of the Health Club Industry. Findings in the report indicate the total number of ...
Virgin Active reports 28% ebitda rise to 76m [pounds sterling].(News: Health, fitness & sport)(Financial report)
Jul 01, 2008 ... UK and international health club operator Virgin Active has announced an eight consecutive year of revenue and ebitda growth. Unveiling summary results for the year to 31 December 2007, the firm said revenues were up 4% to 313.5m [pounds sterling], generating ebitda of 76.2m ...
ADDleisure in Asia-Pacific jv.(News: Health, fitness & sport)(joint venture)(Brief article)
Jul 01, 2008 ... ADDleisure Plc, the AIM-traded developer of products and services in the health and leisure sector, said Digital Plantation, its jointly-owned management software business, has signed a joint venture agreement with EZYPAY, a direct debit provider in Australia, to deliver an integrated ...
Leisure Connection owner is sold to Credit Suisse-led fund for 85m [pounds sterling].(News: Health, fitness & sport)
Jul 01, 2008 ... Danoptra, the manufacturer and operator of gaming machines, and owner of Leisure Connection, has announced a re-financing and an investment of new funds, after a group of financial institutions, led by Credit Suisse Group, agreed to provide 85m [pounds sterling] in new loan facilities, and ...
Government's 140m [pounds sterling] swim scheme welcomed.(News: Health, fitness & sport)
Jul 01, 2008 ... The government has announced a new 140m [pounds sterling] fund to boost sport and fitness through free swimming for the over-60s as part of a drive to get two million people more active by the London 2012 Olympics. The fund, announced alongside a new strategy for sport in ...
Ex-JJB sites still to deliver for Powerleague.(News: Health, fitness & sport)(Brief article)
Jul 01, 2008 ... UK small-sided football operator Powerleague has not yet fully integrated the five former JJB Soccer Domes it bought last year, although it has begun to put initiatives in place. The firm opened its doors to analysts last month, and Panmure Gordon reported: "Management stated ...
Relegated Birmingham prepare to count the cost.(News: Health, fitness & sport)(Brief article)
Jul 01, 2008 ... Birmingham City, which suffered relegation to the second flight of English football this season, will be counting the cost, after releasing interim results for the six months to 29 February which illustrate the value of Premiership status. During the review period, the club ...
Sports minister backs trusts.(News: Health, fitness & sport)(Gerry Sutcliffe )(Brief article)
Jul 01, 2008 ... Sports Minister Gerry Sutcliffe heaped praise on the work of leisure trusts at sporta's AGM. Sutcliffe gave a speech to delegates from sporta's 120 member trusts, stating that members' opinions are very important as deliverers of sport at ground level and that he was keen to ...
Ladbrokes set for ECJ.
Jul 01, 2008 ... Ladbrokes has welcomed the Dutch Supreme Court's decision to refer questions regarding its case against the Dutch government to the European Court of Justice. The company says it will now be able to have its case clarified under EU law. However, Holland's Supreme Court ruled that Ladbrokes ...
Guoco rises in rank.
Jul 01, 2008 ... Asia-based Guoco Group has raised its stake Rank Group, the UK casino and bingo company, to 14.15%, according to ...
NETeller bosses buy in.
Jul 01, 2008 ... NETeller, the funds transfer service group, said chairman Dale Johnson bought 16,000 shares, while Ron Martin, president ...
Non-exec into Sportingbet.
Jul 01, 2008 ... Sportingbet said Sean O'Connor, senior independent non-executive director, had ...
NMLS raises cash.
Jul 01, 2008 ... New Media Lottery Services (NMLS, the AIM-quoted gaming content and systems provider, is to raise 1.3m [euro] before expenses through a secured convertible ...
Betbrokers warns on FY profits as demand outstrips its capital supply.(News: Betting & gaming)
Jul 01, 2008 ... Betbrokers, the AIM-listed sports betting retail, brokerage and clearing house, admitted it had turned away business because of a shortage of funds, but sought to reassure investors about its future. Wayne Lochner, the chairman and chief executive, insisted that the company was ...
Rank wins landmark VAT judgement.(News: Betting & gaming)
Jul 01, 2008 ... Rank Group is set to receive for a 36m [pounds sterling] VAT rebate after winning a landmark legal dispute with HM Revenue & Customs (HMRC), which could spark other bingo operators to lodge claims. Rank persuaded the VAT and Duties Tribunal that HMRC's practice of charging VAT ...
Probability signs Three deal.(News: Betting & gaming)(Hutchison 3G UK)(Brief article)
Jul 01, 2008 ... Probability plc, the AIM-listed mobile phone gambling specialist, has signed an agreement with Hutchison 3G UK, owners of Three, the largest 3G mobile network in the UK and Europe. Probability has agreed to pre-install a permanent link to its 'Ladyluck's' mobile gambling service ...
VC staff arrested in Malysia.(News: Betting & gaming)
Jul 01, 2008 ... Victor Chandler (VC), the Gibraltar based bookmaker, has confirmed that 15 members of staff from its Kuala Lumpur IT and customer service centre were arrested by police. The employees have since been released on bail by Malaysian authorities, with an order to present themselves ...
Interactive recovery on track at William Hill.(News: Betting & gaming)
Jul 01, 2008 ... UK bookmaker William Hill confirmed its new interactive platform would be ready by the end of November at an investor last month, prompting JP Morgan's analysts to call the firm "the top pick in UK gaming". William Hill said its online business has seen a stabilisation in the ...
Paddy Power set for more growth this year.(News: Betting & gaming)
Jul 01, 2008 ... Morgan Stanley has upgraded its growth forecast for Paddy Power, moving the stock to 'equal weight' with a target price of 28 [euro], and its 2008-09 earnings per share raised by 7%-8%. In a research note, the firm said "Paddy Power shares are down 20% since Ladbrokes' November ...
WorldSpreads moves to profit as turnover climbs 87%.(News: Betting & gaming)(WorldSpreads Group)(Financial report)(Brief article)
Jul 01, 2008 ... WorldSpreads Group, the UK-listed spread betting firm, said it had recorded a full-year pre-tax profit of 2.65m [euro] from a 45,000 [euro] loss last year, on the back of an 87% hike in turnover. Group turnover rose to 12.3m [euro], on continued growth in client acquisition and ...
Playtech to raise 112m [pounds sterling] war chest via share placing.(News: Betting & gaming)(Brief article)
Jul 01, 2008 ... Playtech, the listed online gaming developer, is planning to raise up to 112m [pounds sterling], before expenses, through a placing of up to 21,620,946 new shares at 520p each. The price represents a 5% discount to the closing mid-market price on 16 June, and the new shares will ...
Cavendish markets 14 clubs.(Cavendish Bars)(Brief article)
Jul 01, 2008 ... Cavendish Bars, the company formed out of various Luminar nightclub assets, has put 14 sites up for sale. Most of the clubs and bars included in the package, which is being marketed through property agent Davis Coffer Lyons, are not thought to be trading. Cavendish, which is led by Po Na ...
Leicester Square club sale.
Jul 01, 2008 ... The exclusive nightclub Number One Leicester Square in London's West End has been put up for sale. Administrators Baker Tilly have appointed Christie & Co to handle the disposal of the lease. The asking price has not been revealed but Leisure Report understands that offers in the region of ...
MAMA completes deal.
Jul 01, 2008 ... MAMA Group, the live music venue operator, confirmed it had completed its proposed deal to purchase 70% of Angel Music Group, through MAMA's wholly-owned subsidiary, Mean Fiddler Holdings. MAMA paid an initial consideration of 2.6m [pounds sterling] for ...
STAR to develop new code of practice for event ticketing market.(News: Cinema & entertainments)(Society of Ticket Agents and Retailers)
Jul 01, 2008 ... The UK's official ticketing body, the Society of Ticket Agents and Retailers (STAR), hosted an open meeting to discuss reshaping the entertainment ticket industry, at which it aimed to explore the first steps in delivering a new code of principles for ticketing. The meeting ...
XDC signs digital screen deal.(News: Cinema & entertainments)
Jul 01, 2008 ... Digital cinema equipment and services company XDC has signed agreements with four major studios for the deployment of 8,000 digital screens, leading the digital cinema rollout in Europe. Screen Digest reported that the nonexclusive agreements with Warner Bros, Paramount, ...
Bowplex wins H&S award.(News: Cinema & entertainments)(Occupational Health and Safety Award)(Brief article)
Jul 01, 2008 ... UK tenpin operator Bowlplex has again won the Royal Society for the Prevention of Accidents (RoSPA) Occupational Health and Safety Award for its 16 family entertainment centres. Ben Carne, Bowlplex health and safety manager said: "Once again Bowlplex was honoured with the award ...
Ex-Park Resorts duo purchase Golden Sands.(News: Tourism & attractions)
Jul 01, 2008 ... Golden Sands holiday park in North Wales has been acquired for an undisclosed sum by Holiday Park Holdings, which is run by an experienced management team consisting of David Vaughan and Robert Sewell--founders and former directors of Park Resorts--one of the leading owners and operators ...
Visa costs weigh on inbound tourism, says UKinbound.(News: Tourism & attractions)
Jul 01, 2008 ... The latest tourism figures from UKinbound show small year-on-year increases in both visitor numbers and forward bookings during April, although the agency warned that, although the uplift was welcome, "the trend of recent months continues with trading conditions remaining difficult for all ...
Merlin takes over Blackpool Sea Life centre.(News: Tourism & attractions)(Brief article)
Jul 01, 2008 ... The Merlin Entertainments Group has taken full control of the Blackpool SEA LIFE attraction after 18 years of working with a joint venture partner, having agreed a deal to acquire the 50% share held by Leisure Parcs. "This deal makes good sense for both parties," said Sea Life ...
Ripley's to open site in London.(News: Tourism & attractions)(Ripley Entertainment Inc.)(Brief article)
Jul 01, 2008 ... Ripley Entertainment, the global attractions firm with annual attendance figures exceeding 13 million, is set to open a 'Ripley's Believe It or Not!' museum in the West End by August. London Bridge Entertainment Partners LLP (LBEP) is a ...
Waiting staff win tips boost.(Brief article)
Jul 01, 2008 ... Tips paid to staff via a common pool can not be included in National Minimum Wage calculations after a High Court ruling. HM Revenue & Customs (HMRC) made a successful appeal on the question of "troncs"--tips pooled centrally then shared among employees. HMRC appealed after losing an ...
McDonald's global sales rise by 7.7% in May.
Jul 01, 2008 ... Shares in the fast food giant McDonald's rose sharply after it revealed an increase of 7.7% in global sales for May. The corporation said non-domestic sales had driven the results and had been outpacing domestic results for some time. Same-store sales rose 4.3% at US restaurants ...
Eat appoints PwC for strategic review.
Jul 01, 2008 ... Eat is reported to have appointed PricewaterhouseCoopers to carry out a strategic review of the group. The 85 strong sandwich chain is expected to raise up to 150m [pounds sterling] in a sale, with a ...
Starbucks targets 150 travel market locations.(News: Food & drink)
Jul 01, 2008 ... Starbucks Coffee Company and SSP, the European travel-focused food and beverage operator, have announced a partnership agreement to open more than 150 Starbucks stores in prime travel channels in key European markets within the next three years. The agreement details wide ...
PE firms to sell Burger King stakes?(News: Food & drink)
Jul 01, 2008 ... Three private equity companies have withdrawn their executives from the Burger King board amid rumours they are to sell their $1.2bn (607m [pounds sterling]) stake in the fast food giant. TPG Capital, Bain Capital and Goldman Sachs Funds are expected to sell their remaining 32% ...
Diageo to miss Olympic gold.(News: Food & drink)
Jul 01, 2008 ... Diageo, the drinks giant, could be set to lose out on a 60m [pounds sterling] sponsorship deal with the organisers of the 2012 Olympics, amid concerns that it could lead to criticism from health campaigners. The company has been in negotiations with LOCOG, the Olympics ...
Coffee Republic raises more funds.(News: Food & drink)(Brief article)
Jul 01, 2008 ... Coffee Republic said it has accepted a further subscription for loan notes with an aggregate nominal value of 10,000 [pounds sterling], after having issued its first tranche of loan notes ...
Dubai World's Leisurecorp buys 55m [pounds sterling] Turnberry complex.(News: Property & development)(Brief article)
Jul 01, 2008 ... Leisurecorp, the Dubai World-owned company specialising in developments and investments in the sports and leisure sector, is to purchase Turnberry, the host venue for the 2009 Open Championship, from Starwood Hotels & Resorts Worldwide, for 55m [pounds sterling]. The companies ...
ABP expands Lowestoft port.(News: Property & development)(Associated British Ports )(Brief article)
Jul 01, 2008 ... Lowestoft Haven Marina (LHM), owned and operated by Associated British Ports (ABP), has completed its latest round of expansion with the development of a satellite site in the Port of Lowestoft's Hamilton Dock. An investment of 500,000 [pounds sterling] has added 46 new berths, both for ...
Roko opens 7m [pounds sterling] York site.(News: Property & development)(Brief article)
Jul 01, 2008 ... Roko Health Clubs has opened its sixth site, in York, with Life Fitness in partnership with Escape Fitness. Hailed as Roko's flagship facility in the north, Roko York is a new-build site, located on the Clifton Moor retail and industrial park. The 33,000 sq ft site has a ...
35m [pounds sterling] casino for Great Yarmouth?(News: Property & development)
Jul 01, 2008 ... Pleasure and Leisure Corporation (P&LC) has submitted a proposal for a 35m [pounds sterling] casino and leisure complex to Great Yarmouth Borough Council, in conjunction with Aspers Casino, which will operate the new 'large' casino if the scheme is approved. P&LC hopes to build ...
23m [pounds sterling] ski centre for Herts.
Jul 01, 2008 ... Sir Robert McAlpine is converting the dry slopes at Hemel Ski Centre in Hertfordshire, into a 23m [pounds sterling] indoor skiing and snowboarding rite. The Snow Centre will offer a 160m indoor ski slope, a 100m ...
Air museum plan takes off.
Jul 01, 2008 ... Solent Sky Aviation Museum in Southampton is to be rebuilt and its collection extended in a bid to increase visitor numbers. Plans have been granted outline permission by Southampton City Council. Attendance has fallen in recent years, so the museum's trustees joined forces with The ...
1.1m [pounds sterling] boost for Clitheroe.(Roefield Leisure Centre )(Brief article)
Jul 01, 2008 ... Ribble Valley Borough Council, the North West Development Agency, the Bowland Charitable Trust and a Sport England Lottery award have provided funding for a 1.1m [pounds sterling] expansion of Roefield Leisure Centre in Clitheroe, Lancashire. The first phase, adding a new ...
17m [pounds sterling] centre for Barnstaple.(Brief article)
Jul 01, 2008 ... Plans to build a 17m [pounds sterling] leisure centre in Barnstaple, North Devon, have been approved by the local council. As yet there are no detailed designs, but the scheme is likely to include an outdoor ...
NEC to partner Genting Stanley for 90m [pounds sterling] casino plan.(News: Property & development)
Jul 01, 2008 ... The NEC Group plans to partner Genting Stanley for the proposed addition of a 90m [pounds sterling] leisure and entertainment complex, including a large casino, to the National Exhibition Centre site. The proposed complex will feature a spa, hotel, bars and restaurants together ...
Consumer confidence slumps to record low as credit crunch weighs.(News: Industry)
Jul 01, 2008 ... A new report reveals that rising costs and talk of falling property values have pushed Britain's consumer confidence to a record low. The survey, by market research company Nielsen and the British Retail Consortium (BRC), asked more than 1,000 consumers about their thoughts and ...
UK inflation could top 4%.(News: Industry)
Jul 01, 2008 ... Rising food and energy prices could push UK consumer inflation above 4% this year, Mervyn King, the governor of the Bank of England has warned. He was speaking after the Office for National Statistics (ONS) said the Consumer Prices Index (CPI) rose by 3.3% in May, up from 3% in ...
CBI predicts lowest growth since 1992 as oil price doubles.(News: Industry)
Jul 01, 2008 ... The UK economy is set to grow at its slowest rate since the early 1990s due to rising oil and food prices, according to the latest report by the CBI. The study has cut its growth forecast in 2009 from 1.7% to 1.3%, which is the lowest annual growth since 1992. The CBI said that ...
Giving credit where credit is due: BDO Stoy Hayward's Jim Pinder explains how businesses which offer membership subscriptions could be missing out on potential savings on VAT, if payments are deferred.(Insight)
Jul 01, 2008; ... Professional advisors appreciate the need to ensure that the answers they give to their clients' questions are accurate. The problem is that clients do not always ask the right questions. For example, a health club proprietor may ask their VAT advisor whether VAT is due on ...
Stretching the point: David Minton says health clubs are trying to meet an increasing demand for yoga classes, as more people are embracing the idea of a 'wellness' lifestyle.(Insight: Yoga)
Jul 01, 2008; ... I've just returned from a week's intensive yoga course in Italy--and I survived. I don't want to sound too melodramatic, but I did wonder how I would cope with moving from two and half hours of yoga a good week to twenty five hours in six days. For those of you imagining me in a ...
How green is your valley? Holiday parks have proved to be an attractive investment for the private equity community, writes Jonathan Endersby, but how well do they fit with environmental sustainability?(Insight: Holiday parks and the environment)
Jul 01, 2008; ... In these increasingly environmentally-aware times, some conscientious holiday makers are working to lessen their environmental impact. While some still fly many miles to distant lands, but use carbon offsetting schemes to ease their conscience, others are genuinely able to claim the moral ...
Time to venture forth: deal activity in the sector has largely ground to a halt, and with private equity in hibernation, now may be the time for the corporate players to strike.(Insight: M&A activity)
Jul 01, 2008; ... With the credit markets still in the doldrums, the highrollers in the big buyout houses are off improving their golf handicaps and overseeing their country estates, leaving the world of big mergers and acquisitions to the large corporates. For evidence of this trend, see Mars' ...
Pay for performance 2008: Janet Salmon looks at the key issues raised by her annual pay for performance report, which examines the financial performance of leisure firms, compared with executives' remuneration.(Insight: Executive remuneration)
Jul 01, 2008; ... What are the challenges and risks in managing executive pay? Newspaper headlines frequently talk about excessive executive remuneration, while the French government has hinted about the introduction of executive pay curbs. Meanwhile, EU finance ministers have attacked over-generous ...
Building bloc: Montenegro's resurgence as an international tourism destination is at risk reports Phil Cain, Leisure Report's Balkans correspondent.(Insight: European tourism)
Jul 01, 2008; ... "I would like to take this opportunity to invite friends from the European Union to visit," said Milo Djukanovic, Montenegro's prime minister, back in May 2006, the day after a referendum narrowly sanctioned the country's independence from Serbia. "It is still as beautiful as it used to ...
Don't get caught in the web: Louise Vacher, head of customer research, ORC International, investigates how companies can make the most effective use of their online communications with their customers.(Insight: Online communication)
Jul 01, 2008; ... The internet is changing the way we do business in numerous ways but, in many sectors, its potential use as a customer feedback mechanism has yet to be fully realised. Used correctly, it can be a very powerful and cost-effective tool--and offers a great opportunity to establish a dialogue ...
Run for cover: Fiona Gill from Davies Arnold Cooper LLP, looks at the recent changes to the corporate manslaughter legislation, and how they could affect UK leisure businesses.(Legal: Corporate manslaughter)
Jul 01, 2008; ... Recent media coverage has highlighted the dangers associated with some leisure activities, as well as the lack of regulation in some areas. At the recent inquest into the tragic death of a nine-year-old girl in a canoeing accident in Wales in April 2006, the coroner called for a review of ...