Honeycombe Leisure has invited takeover bids after a strategic review recommended a sale. The group has appointed investment banker Rothschild to handle the auction process, which will start immediately. Honeycombe said: “The board has considered a number of strategic alternatives for the company and has concluded that a sale of the company is in the best interests of Honeycombe shareholders.” The group's 115-strong estate is currently worth £36.5m, 3.7% less than three years ago. Falling profits at some of its sites as a result of increased competition were one of the reasons given for the cut in valuation. “Other leasehold sites have fallen in value simply because the leases have three years less to run than when they were last valued,” Honeycombe said. The Times 17/6/06 page 46 (Need To Know, Business)