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Nabarro advises Alphameric on £17.3m sale of hospitality business

9 July 2008

Law firm Nabarro LLP has advised Alphameric plc on the sale of its hospitality business to Torex Hospitality Solutions for a cash consideration of £17.3 million, subject to certain adjustments to take account of the working capital and indebtedness position of the business.

Alphameric plc is the listed holding company of the group, which supplies turnkey solutions to some of the UK’s leading retail organisations in the leisure sector. As a result of the disposal of the hospitality business, Alphameric will now focus on the retail gaming sector through the provision of electronic point of sale systems and display systems for licensed bookmakers together with data and content through its interest in Amalgamated Racing Limited, a 50/50 joint venture with Racecourse Media Services Limited (a company owned by 31 of the UK’s foremost racecourses).

Torex Hospitality Solutions is part of the Torex Group, which is a pan-European provider of IT solutions and services to the extended retail marketplace.

The Nabarro team was led by corporate partner Russell Holden, assisted by James Archibald and Samantha Wright (corporate), George Wheeler-Carmichael (IT), Andrew Banton and Shalini Nilaweera (real estate), Catherine Richmond and Kathryn McConnell (employment) and various specialist colleagues throughout the firm. Torex Hospitality Solutions were advised by Ashurst LLP.

Corporate partner Russell Holden commented:

“Alphameric are a long-standing client of the firm and we have been actively involved with them over the last couple of years, advising on the establishment of the AMRAC joint venture and their rights issue last November. It was great to work with them again on this transaction and to provide a high quality service across a number of different practice areas in the firm.”