With the share price in the toilet, management on the nose and the board seemingly paralysed, it was only a matter of time before opportunistic investors swooped on Ardent Leisure.

Ariadne, the LIC of former Accor boss David Baffsky and corporate raider Gary Weiss, has quietly built up a stake through UBS just north of 5 per cent in the underperforming theme park and arcade business. A substantial shareholder notice will have to be lodged imminently.