8th Oct 2008 07:00
ADDleisure Plc / Epic: ADE.L / Index: AIM / Sector: Leisure
8 October 2008
ADDleisure Plc ('ADDleisure' or 'the Company')
Acquires Leading Leisure Management Software Provider
Further to the announcement of 23 September 2008, ADDleisure Plc, the AIM traded company formed to develop products and services in the health and wellness sector, has successfully acquired ClubRunner (Europe) Limited ('ClubRunner'), a leading leisure management software provider, through its 50.2% owned intelligent booking software subsidiary Digital Plantation Ltd ('Digital'). The acquisition of ClubRunner is to be satisfied by the allotment and issue of 102 ordinary shares in Digital ('Digital Shares'), representing 24.9% of Digital's enlarged issued share capital, and a cash payment of £500,000, with further payments of up to £916,000 in cash which is subject to certain performance criteria.
ClubRunner, which was established in 1995 by Stefan Drummond, is a specialist in health club management software and had an unaudited turnover of £1,397,000 and a loss before tax of £3,000 for the year ended 30 April 2008. At that time ClubRunner had net assets of £369,000. ClubRunner provides IT solutions across the leisure industry, in particular the hotel, health & fitness, play and golf markets, with existing high profile clients such as Livingwell Hilton Hotels, Gambado, Ramada Jarvis and PlayGolf. ClubRunner's offering complements Digital's range of proprietary intelligent booking software that specialises in the day and destination Spa markets. The Board see that the considerable synergies, which exist between the two companies, will strengthen Digital's ability to attract major new corporate clients both in the UK and internationally. The combination of innovative software, an established trading record and existing international clients brought together in this merger, has already resulted in agreements and negotiations with potential new clients such as JJB Mifit.
ADDleisure Plc Chief Executive David Turner said, "This acquisition is an important development in the Company's growth strategy and strengthens Digital's position as a leading provider of intelligent booking software targeting the leisure industry. ClubRunner brings with it a highly respected operating track record, a blue chip client list and a substantial recurring income, factors which will strengthen Digital's offering and increase its ability to gain new business. We are also pleased to welcome Stefan Drummond to the Board of Digital, and appreciate that his considerable experience and innovative approach in developing new IT solutions will be invaluable in growing Digital."
Digital Plantation Ltd will continue to be consolidated in the ADDleisure Plc accounts.
** E N D S **
For further information visit www.addleisure.com or contact:
|
Mike Mills |
ADDleisure Plc |
Tel: 020 7449 1000 |
|
Mark Percy |
Seymour Pierce |
Tel: 020 7107 8000 |
|
Susie Callear |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Notes
ADDleisure Plc, 29% owned by BUPA, was formed to develop products and services in the leisure and wellness sectors, helping to meet the growing demand for innovative new health and fitness solutions. Its key products/services include:
Movers and Shapers Limited (50/50 with BUPA) - a groundbreaking retail concept for health and fitness services utilising Fitbug and Power Plate technology
Fitbug Limited (50/50 with BUPA) - developers of an online personal health and well-being coach, which has secured major contracts with corporate clients such as BP and private medical insurance company PruHealth
Digital Plantation Limited (50.2% interest) - developers of Ez-Systems, intelligent booking software, used in a range of sectors both in the UK and internationally
The Company has a highly experienced management team including Allan Fisher, founder and former CEO of Holmes Place plc; David Turner, founder and former director of LA Fitness plc; Michael Warshaw, former owner and Chairman of Molton Brown; and David Cummin, founder and former director of Membertrack Limited, a leading club membership software provider.
Related Shares:
BIDS.L