Disposal of Espree

Esporta PLC 9 August 2001 DISPOSAL OF ESPREE LEISURE LIMITED Esporta plc ('Esporta'), one of the UK's leading health and fitness operators, announces today that its wholly owned subsidiary Riverside Limited, has signed an agreement for the sale of the entire issued share capital of its subsidiary Espree Leisure Limited ('Espree') to Top Notch Health Limited ('Topnotch'). Topnotch is a wholly owned subsidiary of Topnotch Health Clubs plc. Espree owns and operates the two Espree Clubs, which primarily serve the corporate market in the City of London at Blackfriars and Royal Mint Court. The consideration for the transaction comprises a fixed element of £2.2m, subject to completion accounts, and a further potential amount of up to £250,000, which may become payable by Topnotch upon the occurrence of certain specified circumstances in connection with the lease at the Blackfriars club. An initial cash consideration of £1.065m is payable on completion of the transaction, currently scheduled for 31 August, £1m plus accrued interest at 5.25% is to be paid on the first anniversary of completion and £135,000 is to be paid on the third anniversary of completion (or earlier, subject to specific triggering events related to the use of tax losses of Espree). Graham Coles, Chief Executive, commented 'The Espree clubs are non-core and their disposal will allow us to focus further on developing the Esporta family brand throughout the UK and in mainland Europe'. Enquiries: Graham Coles, Chief Executive Esporta plc 0118 912 3503 Michael Ball, Finance Director Esporta plc 0118 912 3506 William Cullum Brunswick 020 7404 5959 Notes for Editors Esporta plc is one of Europe's fastest growing and most successful health club groups. Operating primarily at the premium end of the market, Esporta clubs typically offer a full range of fitness facilities, including swimming pools, plus a range of non-fitness activities, including bars, restaurants and health and beauty treatments. Esporta plc will announce their results for the 6 months ended 30 June 2001 on 15 August 2001.
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