| Internet entrepreneur considers buy-out of gaming firm
January 22, 2006 - Irish internet entrepreneur Norman Crowley is considering a management buyout (MBO) of Inspired Broadcast Networks, the €35 million gaming firm that he runs.
The move comes after Leisure Link, a British company that owns 70 per cent of Inspired, was put up for sale. Advisers have been appointed to consider Leisure Links options after Henderson Private Capital, the firms biggest shareholder, said it would sell its stake.
Crowley said all options were open for the future of Inspired, depending on who comes in [to buy Leisure Link] and whats on offer. Crowley is joint chief executive and the biggest individual shareholder in Inspired and would be well-placed to lead an MBO.
He is a director of Inspired and Leisure Link. Crowley said private equity and trade buyers were interested in Leisure Link and he expected developments over the next month.
There is going to be some news and it is going to be interesting, he said.
Inspired develops and instals digital gaming and music machines and employs about 145 people, mainly in Britain.
It was formed when Leisure Link bought the 70 per cent stake in Crowleys Inspired Technology Group for €8 million in 2002.
The company has grown since then and had turnover of stg£11.1 million (€16.2 million) in the year to the end of September 2004. It made a pre-tax loss of stg£6.2 million that year, but has since become profitable, according to Crowley.
He said turnover in the year to September 2005 was between €30 million and €35 million. Turnover has doubled every year and we are looking to double that again this year. It is looking good, he said.
Crowley is best known as a co-founder of Ebeon, the Irish internet company that collapsed in 2001 with the loss of 170 jobs. He had reduced his involvement in Ebeon at that stage and the company was 51 per cent owned by Eircom when it closed.
|> Read the full story here
PLAY & ENJOY NOW the most favored online casino by American players! Las Vegas USA Casino offers everything you wish from a Las-Vegas-style online casino - a generous 150% bonus up to $3,000 at welcome, more than 120+ thrilling and fun games with fast and various blackjack tables, huge progressive jackpots and much more - discover today one of THE BEST ONLINE GAMING DESTINATION ACTUALLY!