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Cannons AGM told that MBO will be resolved shortly
Cannons, the health and fitness group, told its annual general meeting yesterday that discussions for its proposed management buyout were 'progressing well' and that a conclusion would be reached shortly. The team, led by chief executive Harm Tegelaars, made a 155p-a-share bid in March, valuing the group at £260m Cannons chair, Nick Irens, told the AGM that trading in the first quarter was ahead of budget up 11 per cent to 165,000, with like-for-like memberships also up 11 per cent compared with the previous year. In the three months to 31 March 2000, Cannons opened two new sites, at Cheam and Dordrecht, Holland, with a further eight scheduled to open this financial year. Irens also confirmed that Cannons is on track to open a further six clubs in Holland by the end of 2002. Cannons shares rose 4p following the AGM, to 149p.
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