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Stanley Leisure looks to LCI takeover
Stanley Leisure has confirmed that it is closely watching the activities of London Clubs International (LCI) and is considering the feasibility of making an offer for the group.
The company released a statement yesterday (2 December) following intense press speculation that it was preparing to make an offer for LCI worth more than £250m - in conjunction with private equity group Hg Capital.
The acquisition, suggested to be in the region of 25-30 pence per share, would see Stanley Leisure taking over five of LCI's six London properties, with Hg Capital owning the sixth as well as casinos in Brighton, Southend, South Africa and Egypt.
Also rumoured to be involved in the deal is former LCI chief executive Alan Goodenough, who retired from the company last year due to ill-health after the Aladdin casino in Las Vegas, which LCI has invested heavily in, filed for bankruptcy.
The statement from Stanley Leisure, however, denied that an offer was imminent: 'Stanley Leisure has no intention of announcing or participating in any such offer without having undertaken an appropriate due diligence exercise with the co-operation of the board of London Clubs. No such due diligence exercise has been discussed.'
LCI has confirmed that it has had no discussions with any of the above parties regarding an offer for the group, saying: 'The Board of London Clubs has not solicited any offer from any party and has no intention of doing so.'
The company added that it has agreed a strategy for reducing its debt and a trading update will be published in mid-December. Details: www.stanleyleisure.com / www.lciclubs.com
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