Ultimate is advised on 'Living Room' chain acquisition

Jul 4 2007 by Iain Laing, The Journal

INTERNATIONAL law firm Eversheds has advised AIM-listed Ultimate Leisure Group plc on its £28m purchase of the "Living Room" chain.

The Newcastle-based company has bought 13 branded bar/restaurants and their 1,000 staff from the owners of the “Est, Est, Est” restaurants. Ultimate said it now has aspirations to more than double the size of the upmarket chain – from 13 outlets currently to 30 within five years.

The new deal follows the completion of the purchase by Ultimate Leisure of the four “Bel and Dragon” sites from Gourmet Holdings plc earlier in the month.

The two deals have a combined headline consideration of around £37m. The acquisitions will build Ultimate Leisure’s market share and are part of its strategic growth plan.

The company already operates 35 trading sites, predominately across the North-East, and is looking to expand its geographical presence. The Eversheds team advising Ultimate Leisure was led by corporate partner Simon Masters assisted by Daniel Liptrott and Edward Bartlett.

Mr Masters said: “Ultimate Leisure is a dynamic and growing business, and we are delighted to have been able to work closely alongside the Ultimate Leisure team to help them secure these significant acquisitions”.

Mark Jones, Ultimate Leisure’s chairman said: “These acquisitions are key to the success of Ultimate Leisure’s business strategy. and I am very grateful to the Eversheds team for providing the advice we needed to secure the deals for Ultimate Leisure.”