Page 8 - Stakis A Case Study

This was an innovative idea for this type of business. In
addition, the company claimed to promote a policy of

rigorous control and adherence to operating standards as

laid down by the Gaming Board.

Nineteen eighty-three saw the Group's first venture into the

London hotel market with the purchase of St Ermin's Hotel.

It immediately began to refurbish the property to its own

standards and to convert office space acquired with the

hotel into additional bedrooms.

The 1980s also saw the company diversifying into both the
property and financial services sector and the consequent

creation of two new divisions to handle its interests in these

areas. The expansion of property ownership and

development arose from an involvement in the evaluation

of sites, buildings, leases and development potential, which

were part and parcel of hotel and restaurant expansion.

Moreover, over the years a portfolio of properties had been

rented to third parties. These were properties which had

been acquired along with other trading outlets but which

had not been suitable for development.

The Finance division evolved from a small interest in

equipment leasing through a subsidiary, Apollo Leasing

Limited. This business, set up for tax reasons, had

expanded into the wider market of small value commercial