Stanley Leisure plc („Stanley“) announces that its wholly-owned subsidiary, Stanley Casinos Limited, has acquired Harbour House Casino Limited, which owns the Harbour House casino in Southampton, from Patrick Trant and Razmik Gharibian-Saki.
The total consideration for the acquisition of GBP 5.9 million, including the repayment of indebtedness of approximately GBP 563,000, will be subject to an adjustment for working capital. The consideration was satisfied by cash drawn on Stanley’s existing facilities.
The Harbour House casino opened in December 2003 and has approximately 21,500 square feet of floor space. This casino, combined with the Stanley Southampton casino, will allow Stanley to cover a broader spectrum of the local market and will immediately enhance Stanley’s presence in Southampton.
Following this acquisition Stanley now operates 45 casinos throughout Great Britain, four in London and 41 in the provinces.