Low stake high volume gaming group Praesepe PLC (LSE: PRA) said it acquired six Adult Gaming Centres (AGCs) in the North of England by acquiring the entire share capital of Issue Depth Ltd and its unit Classic Leisure (Northern) Ltd for £1.5 million in cash.
The move is in line with Praesepe's strategy to consolidate the low stake high volume gaming market in the UK and Europe and to build a diversified gaming group including gaming machines, bingo, and sports book/pool betting operations.
The latest deal brings the group’s UK AGC estate to 40, and the acquired sites will be re-branded as Cashino and integrated into Praesepe's existing AGC division.
CEO Nick Harding said: “These AGC sites fit nicely into our Cashino estate and will begin contributing immediately to the bottom line. There is also significant scope for operational development and revenue growth as we upgrade the machine estate to take advantage of the anticipated increase in stakes and prizes.