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Article: Esporta aims to see off Duke Street with cost cuts
- Article from:
- The Independent (London, England)
- Article date:
- July 10, 2002
- Author:
CopyrightCopyright 2002 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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ESPORTA, the health and fitness club operator, yesterday repeated
its rejection of a hostile pounds 133m bid from Duke Street Capital,
saying the private equity firm's offer was not high enough.
The war of words between the two sides has intensified throughout
the bid battle that reached day 39 yesterday.
Esporta, which runs 38 luxury health and fitness clubs under
brands such as Riverside and Racquets, outlined its own plan to
reduce costs and grow the business through new openings. It added
that earnings before interest, tax, depreciation and amortisation
have increased 21 per cent to pounds 12.9m in the first half of the
year. It is targetting pounds 6m of annual cost savings and ...