City news: Merlin Entertainments, Sportech, and Mike Ashley
MADAME Tussauds and Sea Life centres owner Merlin Entertainments expects Britons and tourists to flock to its UK attractions, thanks to the weak pound.
Merlin Entertainments expects tourists to flock to the attraction as the pound weakens
Merlin posted a 6.2 per cent drop in annual operating profit at constant currency to £302million on 3.6 per cent higher revenue of £1.46billion as the firm acknowledged the recent impact of international terrorism.
Chief executive Nick Varney said: “We expect a more competitive pound to help inbound tourism to London recover and drive more ‘staycations’ from UK residents.”
_________________________________________________________________
Sportech shares rose 2¾p to 100p
Sportech nets Football Pools deal
SPORTECH has scored a deal to offload its Football Pools business to private equity firm OpCapita for £83million.
The betting technology company had been seeking a buyer for more than 18 months.
Sportech created the current pools after buying Littlewoods Gaming in 2000 and Vernons and Zetters in 2007.
The pools occupies a unique place in British culture
It also provides betting technology to race tracks and casinos and runs betting and entertainment venues in the US.
OpCapita chairman John Von Spreckelsen said: “The pools occupies a unique place in British culture. Sportech has modernised the business and we look forward to realising its growth potential.”
Sportech shares rose 2¾p to 100p
_________________________________________________________________
Mike Ashley bought lingerie firm Agent Provocateur
Mike Ashley slips into lingerie chain
SPORTS Direct tycoon Mike Ashley has bought lingerie firm Agent Provocateur out of administration.
The billionaire owner of Newcastle United acquired the chain, which employs 600 people, through his investment vehicle Four Holdings in a “pre-pack” deal, enabling him to cherry-pick parts of the business at a knockdown price after its collapse.
He is thought to have paid about £25million. It is not known whether there will be job losses.
Agent Provocateur had been owned for a decade by private equity firm 3i, which admitted last year that the business had been hit by “declining luxury spend in key markets”.