Latest News

Back to Latest News back


Goodlife Health Clubs Acquires three Re-Creation Clubs

Goodlife Health Clubs Acquires three Re-Creation Clubs
March 9, 2011

The Ardent Leisure Group (ASX: AAD) has announced that it has completed the acquisition of three Re-Creation health clubs in Melbourne for its Goodlife Health Club brand and secured three new development opportunities for its health club and bowling portfolios.

The three Re-Creation Health Clubs in the Melbourne suburbs of Armadale, Glen Iris and Sandringham in Melbourne cost $10.1 million of which $5 million is deferred between six and 12 months from settlement.

In a statement AAD explained that "these well established clubs occupy dominant positions within their respective markets and will allow Goodlife to significantly strengthen its position in the Melbourne market."

The impact of the acquisition is expected to deliver EPS accretion of approximately 2.9% on the Groupï¾s FY 2012 consensus earnings.

In addition, Goodlife has been successful in securing a new development site in Maroochydore on Queensland's Sunshine Coast.

As Group Chief Executive Greg Shaw notes "Maroochydore will support our existing Caloundra health club and bring a high quality facility to this rapidly expanding market."

The facility is anticipated to open in mid 2012.

The Group has also advised that AMF and Kingpin have been successful in securing new sites to strengthen their development pipeline.

AMF has reached commercial terms to open a new leasehold site in Penrith, Sydney.

Speaking of this site, Shaw explains "AMF is pleased to secure this site following the expiry of our lease on an older style Penrith centre in September 2009. The Penrith area has traditionally been a strong bowling market and we look forward to reestablishing our presence in this key market."

Kingpin has also reached commercial terms to open a new flagship centre in Townsville, North Queensland.

The Townsville market has continued to grow as a major mining port, military and government base for North Queensland. To date this population growth has not been matched by additional adult and family entertainment venues. Kingpin will introduce a unique entertainment venue for patrons from

Townsville and surrounding markets. The Kingpin centre in Townsville is expected to open in July 2011.

Capital expenditure on the two new bowling centres is expected to be approximately $3.5 million per site with capital expenditure on the new health club expected to be approximately $2.3 million. This expenditure will be funded by a combination of retained earnings, the distribution reinvestment plan and undrawn debt facilities.

The Group continues to actively pursue roll-out opportunities across its Bowling, Health Club and Main Event divisions to deliver higher incremental returns and leverage further operational and marketing efficiencies for the Group.



Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.


supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all



AUSTRALIAN MADE. FIT FOR PURPOSE. Based on the Gold Coast, AlphaFit is a leading manufacturer and supplier of Australian gym equipment specifically for the commercial, strength and conditioning,…

read more

Fitness / Recreation / Sport / Technology / Wellness



Developed in Europe, this innovative system offers a safety management solution for swimming pools that checks individual swimmers via their wristband - monitoring their depth and time. Sensors…

read more

Aquatics / Hospitality / Safety / Technology / Waterparks



BODY BIKE® International is a leading manufacturer of indoor bikes with a 20-year track record of creating the best indoor bikes. Stay connected with Body Bike Australia…

read more

Fitness / Recreation / Sport / Technology / Wellness


Pico Play

Pico Play is a global leader in the planning, design, development and construction of world-class themed attractions and entertainment that deliver extraordinary and memorable experiences to millions…

read more

Attractions / Consultants / Design / Recreation / Tourism



Swimplex Aquatics are a world-class company dedicated to the commercial pool, waterslide industry. We are Australian market leaders servicing all states Australia wide. Swimplex provide a full…

read more

Aquatics / Attractions / Design / Play / Waterparks



PathMinder Pty Ltd have partnered with AllUser Industries srl to bring Europe’s most advanced high security portals to the Australian and New Zealand markets. AllUser Industries started to…

read more

Access / Fitness / Recreation / Security


Fun Wheels Pty Ltd

Fun Wheels Pty Ltd are the premium dealer in Australasia for the Dutch company BERG’s commercial and domestic products. Our flagship product is their revolutionary pedal go-kart – the…

read more

Attractions / Tourism / Venues


get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business