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Article: Duke Street dubs bid target Esporta `accident prone'
- Article from:
- The Independent (London, England)
- Article date:
- July 3, 2002
CopyrightCopyright 2002 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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DUKE STREET Capital yesterday stepped up its attack on its bid
target Esporta, labelling the health and fitness club operator
"accident prone".
The venture capital company, which is embroiled in a pounds 133m
hostile takeover battle for Esporta, spoke out at what it said was
the fitness group's carelessness in losing five of its senior
management team, including three executives, since it floated on the
stock market just over two years ago.
Duke Street said a waiver of a banking covenant Esporta arranged
with its lenders earlier this year has led to the payment of a waiver
fee and resulted in higher interest charges on its debts. It also
criticised Esporta for its two profit warnings in ...