Whitbread sells fruit machine arm
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.WHITBREAD, the smallest of the Big Four brewers, has sold its amusement machine manufacturing subsidiary, JPM Holdings, to management, writes Elizabeth Heathcote. Industry sources value the deal at pounds 3.5m.
Whitbread bought the company four years ago at the peak of the market. The price paid was never revealed but the brewer has already written down JPM's value.
The amusement machine sector has been particularly affected by the recession. In 1990/91, JPM turned over pounds 15m, but profit was around the break-even point.
The Government's three-yearly review of stakes and prizes in fruit machines, which traditionally provides a boost for the industry because of the opportunity to pay more in prize money, is due this autumn. 'Certain changes will be necessary in order to take the business forward,' said Philip Walters, managing director of JPM. The company was put up for sale in February.
'JPM was not a core business,' Whitbread said. 'We decided to dispose of this in line with our strategy of concentrating on markets in which we are or can become leaders.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments