Barcrest hits the jackpot with £35m sale
A TAMESIDE firm that designs and makes gambling games for pubs and amusement arcades has changed hands in a £35m deal.
Ashton-under-Lyne-based Barcrest Group has been bought by the New York Stock Exchange-listed Scientific Games Corporation from its parent company International Game Technology, which is also listed in New York.
Scientific Games has agreed to pay £33m in cash with a further £2m subject to the completion of a third party contract. The business employs around 230 staff.
It said the deal depended on obtaining UK competition approvals and certain third party consents which are expected to be obtained in the third quarter. Once the deal is approved Barcrest will be integrated into Scientific Games’ gaming divisions, Global Draw and Games Media.
Scientific Games said the deal will give it Barcrest’s “expansive” library of gaming titles built up over the past 40 years, and extend its UK server-based gaming presence to new betting shop and pub locations as well as as bingo halls and gaming centres. It will also give it access to video lottery customers in Europe and online gaming custom.
Ian Timmis, chief executive of Global Draw and Games Media said: “This transaction represents a major step forward in strengthening and expanding our server-based gaming content. In addition, it will provide the opportunity for us to bring the advanced capabilities of our state-of-the-art gaming systems and operational expertise to new wide area gaming venues, such as UK-based gaming centers and bingo halls, along with venues in Italy and the Czech Republic.”
In the year to September the business achieved operating income of £5.7m on sales of £45m. The UK division of International Game Technology, IGT-UK, also owns the mobile gaming specialist Million-2-1 which it bought from Chris Sheffield in 2008 and Wilmslow-based WagerWorks, a developer of games for the internet and TV.
