11/07/2001
Fully listed health and golf club operator Crown Sports revealed a £6.2 million acquisition today and chief executive Steve Philpott adds: 'we shall be looking for another deal before the year-end'. James Crux reports.
Acquisitive Crown (CSP) has purchased Trainstation, which has three health clubs in the north-west of England, for £6.2 million. Located in Manchester, Chester and Southport, all three clubs have pools, gyms and food and soft drinks facilities and will be consolidated into Crown's Clubs division.
Today's deal brings over 8,800 new members into the fold, taking Crown's total membership to 74,800 from 36 health clubs and eight golf clubs. 'There is room for growth and plenty of scope at all three clubs' argues Philpott, 'and the clubs are an addition for us geographically'.
He says the deal 'is a further step towards our year-end goal of 100,000 members'. Before the year-end the board expects to attract 'another 10,000 members from organic growth, broadly speaking'.
That means Crown will need to find more deals. Philpott concedes: 'we'll be looking for another deal before the year-end'.
Crown Sports is financing the Trainstation deal through a mixture of cash and shares. Some £5.063 million of the £6.2 million will be paid in cash, with £500,000 deferred till July 2002 and £50,000 until July 2003.
Crown is also issuing 3,548,387 5p shares at 31p and will take on about £2.2 million in liabilities on completion. The shares were unchanged at 25.25p at the bell.
Formerly Golf Club Holdings and listed on Aim, Crown has since changed its name, bought Dragons Health Clubs and moved to the Full List. Four major deals were completed in April as the company snapped up Axis, a health and fitness club owner, for £8.94 million, and Fitness Express for £3.4 million.
Crown has created a new Products division through two purchases. It bought 70 per cent of The Winning Line for £2.03 million and paid £8 million for leisure publishing business Information Australia.
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