Remember European Leisure, the British-based, but Irish-registered snooker and disco outfit that emerged from the Edenderry Shoe shell a few years ago? European has had a chequered history, what with one chief executive, Michael Ward, becoming a guest of Her Majesty’s Government after he was found guilty of conspiracy to defraud, involving rigging the European share price during a takeover battle for rival operator Midsummer Leisure.

European also had the unenviable distinction of once notching up the biggest ever loss by an Irish-registered public company, and only survived after being bailed out by a group of British banks. Before that rescue, Irish institutions owned 40 per cent of European but ended up with virtually nothing after the rescue.

Now, European or at least part of the group may be the target for a bid from First Leisure, the night clubs group headed by former Channel 4 head Michael Grade.

Word has it that First Leisure wants to bid for all of European Leisure and then sell the snooker clubs and hold onto the discos or buy the discos and leave the reduced European holding onto the Riley snooker bits. It seems European chief executive, Ian Rock, wants to divert resources to the snooker clubs and may be happy to sell the discos to Mr Grade.