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BAA announces Gatwick Airport sale
Nexum reports decline
£1.51bn deal to be primarily used by UK airport operator to reduce existing debt
in summer sales
Nightclub operator Nexum has By Pete Hayman
reported a 1.3 per cent drop in
its first half like-for-like sales. Airport operator BAA, which
Reporting the company's figures owns seven UK airports, has
for the six-month period to announced it is set to sell
September 2009 Nexum's chief Gatwick Airport for £1.51bn
executive, Paul Kinsey, said the after it secured a deal with
results were encouraging in a investment firm Global
tough climate. "Gross margin Infrastructure Partners (GIP).
was only slightly down against The proceeds from the sale,
the previous year," he said. "This of which £55m will be
was a very pleasing result in a dependent on future traffic per-

market where heavy discounting formance, will be mainly used
is now routine. by the Spanish-owned phot
company to pay part of its Gatwick is one of three UK airports BAA has been ordered to sell
Ladbrokes launches
existing £9.6bn debt.
£275m cash call
GIP, which also owns a 75 per ment as one of the world's Commission (CC) had complet-
Ladbrokes has unveiled plans cent stake in London City leading international airports. ed an investigation into UK
to raise £275m through a new Airport, is expected to "BAA is changing and today's airport market competition.
rights issue after reporting a 58 complete the acquisition of announcement marks a new However, the decision to sell
per cent decline in profits for Gatwick Airport in December, beginning for both Gatwick the airport has coincided with
the three months to 30 subject to European Union and BAA. We wish Gatwick well the start of BAA's challenge
September 2009. The company merger regulation clearance. for the future and are confident against the CC ruling that
has revealed that all employees Colin Matthews, BAA chief that the airport will flourish ordered the operator to sell
will have their salary frozen executive said: "Gatwick and its under new ownership." both Gatwick and Stansted,
until 2011 and that it would not people have long been a Gatwick Airport was put on along with either Edinburgh
be paying out a final dividend in central part of BAA and we are the market in September 2008 and Glasgow, in the interests of
2009 after blaming a lack of proud of the airport's develop- before the Competition passengers and airlines
Premier League draws for its
third quarter slump. It is
expected that the proposed cash
Praesepe nets new acquisitions
Gala in £540m
call will enable Ladbrokes to
equity deal
reduce its debt, which stood at By Martin Nash Beleaguered bookmaker
£962m at the end of June 2009. and bingo firm Gala Coral
Gaming group Praesepe is set is set to cancel £540m of
Sports results hit
to complete its third acquisition debt in exchange for 50
William Hill Q3 results
in four months with the £6.3m per cent of its equity.
Bookmaker William Hill has (US$9.9m, 6.7m euro) purchase Gala Coral's owners –
blamed an uncharacteristic lack of nine Adult Gaming Centres the private equity firms
of draws at the start of the (AGCs) and four Family Candover, Cinven and
Premier League season for a 3 Entertainment Centres (FECs) Permira – are in advanced
per cent decrease in revenue for from Case Concepts. talks with two investment
the 13 weeks to 29 September All of the AGC sites will be CEO Nick Harding said the deal groups, Intermediate
2009. However, the third quarter re-branded under the Cashino will expand the firm's portfolio Capital and Park Square,
decline has failed to halt a 3 per marque. The FEC sites, which with a deal expected by
cent increase in overall revenue include Weston-Super-Mare around 780 gaming machines the end of October.
for the year to date, while and Burnham-on-Sea in – was completed on 19 October. The company has
online revenue increased by 56 Somerset and Ilfracombe in This latest acquisition takes amounted debts of
per cent, compared with the Devon, as well as sites in South the number of Praesepe-owned £2.6bn and the new
same period in 2008. William Wales, will continue to trade sites to 54, expanding its agreement would mean
Hill said that reduced costs and under their current brand geographical reach into south that shareholders would
higher-than-expected turnover names while they are assimi- west England and representing not have to pump extra
meant that it had not changed lated into the group. The latest the company's first involvement cash into the firm.
its expectations for the full year. acquisition – which provides with the FEC sector.
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