News blog
ADDleisure
- BY: Andrew Hore |
- POSTED: 07/10/2009 |
ADDleisure’s leisure management software business went into administration on 5 October 2009 and ADDleisure needs extra cash to invest in its remaining operation.
ADDleisure owned 50.2% of Ez-Runner, which was formed when the group’s Digital Plantation subsidiary merged with Club Runner (Europe). Ez-Runner’s management bought the business from the administrator, Atherton Bailey.
The shares were suspended at 1.5p each on 25 September 2009, which values ADDleisure at £3.15m.
Aim-quoted Pantheon Leisure has provided £50,000 of bridging finance to ADDleisure’s Fitbug subsidiary. Two directors, Allan Fisher and David Turner, have provided another £200,000 to Fitbug.
Fitbug is an online personal health and well-being coach. The customer base is made up of corporations, health insurers and Primary Care Trusts.
The loans are interest free and are repayable when ADDleisure raises more cash through a placing handled by its broker Seymour Pierce. If this does not happen by the end of January 2010 then interest will be charged and the loans will be repayable on demand.
Pantheon has a 10.75% stake in ADDleisure. This stake cost £500,000 but it was written down by £218,000 in the interim figures to the end of June 2009. That was based on an ADDleisure share price of 1.25p. At 0.375p a share, Pantheon is valued at £450,000. If the ADDleisure stake had to be completely written off then Pantheon would have negative net assets.
Andrew Brummer is replacing Mike Mills as finance director of ADDleisure.
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