Topnotch Health Clubs PLC
9 March 2000
Topnotch health clubs plc
Proposed Acquisition
Topnotch health clubs plc ('Topnotch' or 'the Company'),
the operator of value for money health and fitness clubs,
announces that it has conditionally agreed to acquire a
health club in Bayswater, London from Espree Leisure Ltd,
a subsidiary of Esporta plc for £0.7 million in cash.
The acquisition is subject to landlord's consent.
The club being acquired, situated in the lower ground
floor of the Whiteley's shopping centre, is approximately
15,000 sq ft in size and has been designated non-core by
Esporta.
Topnotch intends to convert the club to its value for
money format, including its innovative zoned design
concepts such as the PowerZone and Planet Spin.
Approximately 900 members will transfer with the club.
For the 52 weeks ended 1 November 1999, the loss before
tax attributable to the assets being acquired was £0.3
million and the net assets were £1.8 million.
Matthew Harris, Chief Executive, commented: 'I am
delighted to announce our first acquisition since joining
AIM on 3 March. The Bayswater unit is ideal for the
Topnotch format and it will expand our presence in the
important Central London market. Further acquisition
opportunities are being actively pursued.'
Enquiries:
Topnotch health clubs plc c/o Square Mile on 0207 601 1000
Matthew Harris, Chief Executive
Square Mile Communications 0207 601 1000
Kevin Smith