Allied Leisure has launched a recommended £22.7m bid for Waterfall Holdings. The acquisition would add 55 sport clubs to its own 100 and enable it to make the most of Rileys pool and snooker outlets.

Allied, which owned an existing 23.8% stake in Waterfall, is particularly keen on the cue clubs which were the main reason for the bid. However, it is also interested in the bowling alleys. Some of these could be rebranded as Megabowls. Several bars and nightclubs come as part of the package. They will slot in with Allied's bar estate for the short term, but `are likely to be sold.