Wed, 14 May 2014 | BUSINESS SALE
Entertainment machine supplier Playnation has purchased Funhouse Leisure (FHL) in its first ever acquisition.
Playnation was formed out of a management buy out in 2013 from Inspired Gaming. Headquartered in Runcorn, Cheshire, it owns and operates about 17,000 amusement machines across from 1,000 sites, including motorway service stations, bowling alleys and airports, across the UK and has over 800 employees.
The deal is set to increase its presence in the “family-focused” leisure industry. FHL has 1,600 machines, and counts Spirit Pub Company, Orchid, Odeon, Greene King and Whitbread as customers.
Based in Birmingham with 15 staff, FHL recorded net assets of £850,000 for the year to June 2013. The £3 million turnover business was previously owned by a holding company controlled by Nasser and Zarina Ghanchi.
Playnation has had a good year so far and “worked hard” to seek out the best company for its first purchase. Its chief executive Adam Hodges said: “FHL has a great team and is a well-established operator with a customer base that is complementary to our own.”
Nasser Ghanchi, FHL’s chief executive is optimistic about the future of FHL under the ownership of Playnation, and already knew the management team. Ghanchi said: “Playnation’s national service support operation and its central commercial functions can only build and improve on the great service that we currently provide for our customers in the hospitality and leisure sector.
“We are looking forward to an exciting year ahead,” he added.
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