Danoptra Gets £85 Million for Refinancing and Development

17 June 2008

A consortium of financial institutions including Credit Suisse, BlueBay Asset Management and others is taking control of Danoptra, an operator of gaming and leisure machines across the UK.

The consortium is providing £85 million in funding to refinance the operator's £80 million in debt and to allow for further development of the business.

The owner, private equity firm Cognetas, will retain a small shareholding but receive no proceeds from the funding deal.

Formerly known as Kunick, Danoptra is the parent company of Gamestec Leisure and Bell-Fruit Dubai, through which it operates about 40,000 gaming machines across the country. The company also owns Leisure Connection, which operates more than 80 sports and leisure facilities for local authorities.

Turnover for the year ended September 30, 2007 reached £195 million, an improvement over £183 million the previous year. The company posted a loss of £19.9 million for the year ended September 30, 2007, compared to losses of £24.3 million and £79.4 million in the previous two years.