Praesepe is seeking to develop both organically and through acquisition into a major force in the low stake high volume gaming sector. The group has a proven management team lead by Nick Harding, CEO, who has extensive experience in the sector and was previously CEO of Talarius, the market leader in Adult Gaming Centres (AGC's) in the UK. Talarius was sold for £140m in 2006 creating substantial returns for shareholders.
To date the group has acquired seven businesses for a total of £55m and currently operates 164 adult gaming centres including the Crystal Rooms in London's Leicester Square, 9 Bingo Clubs including the Beacon at Cricklewood, the largest bingo club in the country, 5 Family Entertainment Centres and an on-line business. The AGC market is very fragmented and Praesepe is uniquely placed to expand through the acquisition of private operators on favourable terms. In addition the group will consider acquisitions in other areas of the sector including family entertainment centres, bingo clubs, and AGC's in Europe.
Praesepe has an unusually experienced management team. Led by Nick Harding its management team have previous experience at senior levels in major groups and a high reputation in a sector which is dominated by family owned companies. As a result the group is being approached with a series of interesting acquisition opportunities.
In June 2009 the maximum stake and prize regime for Category C machines was increased from 50p and £35 to £1 and £70 respectively. These changes represent the single largest change for Category C machines in thirty years and are expected to provide a significant boost for revenues, although there will be a lagged effect as new machines are developed and introduced into the estate.