Arena Leisure has announced that it expects Aldergate Investments to complete its purchase of the racecourse owner on 30 March, subject to Office of Fair Trading and court approval.

Aldersgate Investments, the Switzerland-based group wholly owned by the Reuben brothers, made its approach to acquire Arena Leisure for 44.25p per share on 13 January.

The announcement comes as Arena Leisure reported its results for the year to 31 December, with pre-tax profits increasing 14.6 per cent and revenue declining £2.5m to £61.5m.

Arena Leisure said it had experienced record attendances during the 12-month period, with a total of 683,000 representing a 7.8 per cent growth compared with the previous year.

"The group has continued its track record of operational out-performance in spite of the difficult trading environment and ongoing Levy challenges," said chief executive Mark Elliott.

"The offer from Aldersgate Investments represents a fair and reasonable opportunity for shareholders to realise value that would not otherwise be available in the current market."

To read about an industry-wide marketing initiative and new race series designed to increase attendances at UK racecourses, see Leisure Management 2011 Issue 4, p52

Details: www.arenaleisureplc.com

Image: Lingfield Park, one of Arena's seven UK racecourses – aubergene/flickr