Leisure business owner and operator Georgica has moved a step closer to its strategic aim of operating just two leisure brands with the sale of its 32 Burger King restaurants.

The company is to sell the outlets to Cairnserve Northwest for £4.74m in cash, which will be used to reduce bank debt.

In the year to 28 December 2003, the Burger King restaurants generated revenues of £20.3m and a loss before interest and tax of £1.6m.

As of 28 December, the book value of the assets less depreciation and lease provisions was £5.6m.

The disposal of the 32 sites is subject to certain conditions which are expected to be resolved no later than 30 September.

Georgica announced earlier this year that it was planning to dispose of the businesses under its Allied Leisure operation – which included Burger King – in order to focus on Riley’s, its cue sports club brand; and Tenpin, its bowling centre brand.