ADDleisure runs off with software company
Article Date: Oct 08 2008A BUPA-backed developer of products and services in the leisure and wellness sectors has bought a software company.
ADDleisure Plc, an AIM-listed company that is led by LA Fitness founder David Turner, has added ClubRunner (Europe) to its portfolio following a cash-and-shares deal.
The transaction was made through its booking software subsidiary Digital Plantation, which paid £500,000 in cash on completion. Further payments totalling £916,000 could also be made subject to performance.
ClubRunner complements Digital’s booking software systems, which specialise in the Spa market. The acquirer’s board also hopes the deal will attract new international corporate clients.
Turner said the acquisition is an important development in the company’s growth. “ClubRunner brings with it a highly respected operating track record, a blue chip client list and a substantial recurring income, factors which will strengthen Digital’s offering and increase its ability to gain new business.”
ClubRunner was established in 1995 by Stefan Drummond, who joins Digital’s board post-completion. The company provides its software to the leisure industry, in particular the hotel, health & fitness and golf markets. Its clients include Livingwell Hilton Hotels, Gambado, Ramada Jarvis and PlayGolf.
In the 12 months to May 2008, it made an unaudited turnover of some £1.4 million and a £3,000 pre-tax loss. At this date its net assets were valued at £369,000.
