Gaming machine buy-out

Gaming machine buy-out

European Leisure has sold its Maygay gaming-machines business to a management buy-out team led by Roy Howell, whose father founded the business in 1968, for pounds 16.5m. 3i, the venture capitalists, are backing the management team. Maygay is the UK's second-largest gaming-machine manufacturer, with annual sales of pounds 29m, and produced a pre-tax profit of pounds 3m for the year to June 1997. European Leisure will concentrate on building up its bars and discotheques business.