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Praesepe acquires The Crystal Rooms
Milton Keynes-based gambling company Praesepe has acquired London gaming centre The Crystal Rooms for a nominal sum.
The Crystal Rooms is the trading name of United Leisure, and operates 114 gaming machines at one site in the capital. In the year ending October 2008, the company generated revenue of £1.8 million, a 40 per cent decrease on the previous year.
Nick Harding, CEO of Praesepe, said: 'This is a fantastic opportunity to acquire an iconic gaming location in the heart of central London. We have identified clear opportunities to return revenues and profits to pre-2008 levels through hands-on management, operational improvements, increasing floor space and introducing new gaming machines in partnership with leading UK gaming machine manufacturers.'
Stafford-based ORJ Solicitors acted for the shareholders of United Leisure in the deal. Tim Jobson led the team, working with shareholders, the bank, the Gambling Commission and law firm EMW Picton Howells to achieve an early completion.
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