Georgica, the vehicle set up by Nicholas Oppenheim to acquire Allied Leisure in October 2000, is trading at an all-time low, having failed to achieve many of its corporate objectives. A trading statement for the year 2002 offered shareholders further disappointment - the directors admitted that they regarded the like-for-like sales performance as less than satisfactory. Overall sales were down from £124.6m to £123.2m, with only its Rileys pool bar outlets and Megabowl division (of which it still owns 50%, having failed to sell out) showing sales increases. The group is focusing on its pool and snooker bars for growth, and started a major refurbishment programme on its existing outlets in October. This is expected to continue until mid-2004. So, given that those sites that were closed for refurbishment were included in like-for-like figures, and with early indications from revamped sites being 'most encouraging', the company seems to be on to a good thing. But the rest of the group's operations offer some cause for concern. Its Burger King franchises did see a pick-up in activity towards the end of the year, but like-for-like sales were down 7% all the same. An even worse performance was delivered by its 'leisure' operations. Investors should stay away for now.