>The Sunday Times - July 15, 2007
The company behind Rileys snooker clubs and Tenpin bowling centres is in detailed talks over a £70m sale-and-leaseback of its outlets.
Georgica is believed to be negotiating to sell the snooker clubs to Canada Life, the insurance company, and the tenpin bowling halls to an unidentified individual property investor. Once the deal is completed it will continue to manage the venues.
The sale-and-leaseback deals come as the quoted leisure group weighs up bid interest for both divisions.
Last month it said that it was exploring a number of “alternative options” for the bowling and snooker activities. It has promised to update the market by the end of this month.
Meanwhile, a rival tenpin bowling business is set to be sold in the next couple of weeks.
The private-equity arm of ABN Amro is close to clinching a deal to buy AMF Bowling from John Cook and Peter Harris, the holiday tycoons, for about £50m.
Cook and Harris, the main shareholders in Bourne Leisure, the privately-owned group behind Butlins, acquired AMF in 2004.
If the deal goes through it will be latest in a series of investments ABN has made in the leisure sector.
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Sunday, July 15, 2007
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