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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