Since acquiring Allied Leisure 19 months ago, Georgica has undergone a significant restructuring. The business comprises a cue sports division, a leisure and franchising business, and 50% of bowling venture Megabowl. Interim results to 30 June were something of a mixed bag. Sales rose at the cue sports and bowling businesses, but fell by 5.6% at the leisure and franchising operations. However, overall profit before tax came in at £1.17m (before accounting for the Megabowl results). This compares with losses of £1.1m in 2001. Last year's plan to either dispose of Megabowl or take 100% ownership has been superseded.

Instead, Georgica intends to hold onto the business and develop it. A recent agreement with Duke Street Capital, which owns the other half of Megabowl, should result in the simplification of its capital structure in order to remunerate both shareholders more equitably. The group also intends to refurbish and expand the cue sports business. This will be financed by a placing and open offer to raise £12-17.5m net of expenses, so the firm will not be wholly dependent on short-term bank debt.