Commercial news
Ladbrokes plans £50m investment in technology
TOM WALKER
Ladbrokes CEO Richard Glynn has revealed plans for a £50m investment in the devel- opment of the bookmaker’s ‘technological capabilities’ over the coming year. The group says it will ‘re-energise’ its
brand as part of eff orts to put the customer at the heart of its business and the imple- mentation of its eCommerce platform. In its results for the year ending 31 December, Ladbrokes reported a 1.3 per cent increase in net revenue and a 20.1 per cent increase in operating profi t compared with 2009.
Wagamama sold to Duke Street TOM WALKER
Private equity group Duke Street acquired Japanese- style noodle restaurant chain Wagamama from Lion Capital for an undisclosed sum in March. The deal includes all 70
restaurants in the UK; three restaurants in the US; and a franchise operation with 36 restaurants in 16 countries across Europe, the Middle East and Australasia. Lion acquired Wagamama
in 2005 and has since more than doubled the number of restaurants in its portfolio. Wagamama chief exec-
Lion Capital acquired Wagamama in 2005 and has doubled its portfolio
utive Steve Hill said of the deal: “We have enjoyed working with Lion over the past six years. We’ve achieved some great results over this period and further expanded the brand.
T e cinema group raised prices to achieve profi ts
Full-year pre-tax profi ts up at Cineworld
TOM WALKER
Cineworld Group has recorded a 4.8 per cent increase in revenue for the year to 30 December 2010, compared with the pre- vious 52-week period. EBITDA and pre-tax profi ts grew by
8.1 per cent and 0.3 per cent respectively during 2010, with the cinema operator capturing more than 26 per cent of the UK market share. Despite a 2.1 per cent fall in admissions, the average ticket price was up 6 per cent to £4.99.
Work starts on Leeds Arena scheme
TOM WALKER
A groundbreaking ceremony has taken place in Leeds, Yorkshire, to mark the start of construction work on the new multi-mil- lion pound Leeds Arena. BAM Construction has been appointed
to deliver the Populous-designed venue, having already carried out preparatory work at the city centre’s Claypit Lane site. When complete, the new arena will be
able to accommodate 13,500 spectators and is designed to ensure seats are no more than 68m (223ſt ) from the centre of the stage.
18 “We are all very excited about the future
and look forward to working with Duke Street, which will see Wagamama through its next stage of growth.”
Newbury to launch as concert venue TOM WALKER
Newbury Racecourse in Berkshire has announced plans to launch as a new standalone concert venue. T e fi rst music event to be
held under the Newbury LIVE brand – the racecourse’s bid to generate alternative reve- nue streams – will be a Rod Stewart concert on 29 May. Stephen Higgins, joint man-
aging director of Newbury Racecourse, said: “T e race- course has the potential to seat over 20,000 visitors and will be transformed into an intimate, sit-down only event for the Rod Stewart gig. “For future events, we will be hosting up
Rod Stewart will perform in the fi rst Newbury LIVE-branded concert
to 60,000 in seats and standing combined. Newbury LIVE is an excellent example of
how we are expanding the racecourse as a host venue and because it’s only 40 minutes from London, it’s perfectly placed to become of the UK’s most diverse entertainment venues.”
JD Wetherspoon chair slams tax increases TOM WALKER
JD Wetherspoon chair Tim Martin has criti- cised “zealous” and “unsustainable” increases in regulations and taxes aff ecting the industry. According to Martin, both the current and previous governments’ approach had forced
Read Leisure Management online
leisuremanagement.co.uk/digital
pubs to increase drinks prices; a move which has helped boost supermarket alcohol sales. T e comments came as JD Wetherspoon
posted a 7.6 per cent growth in revenue for the 26 weeks ending 23 January, compared with the same period last year.
ISSUE 2 2011 © cybertrek 2011
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