THE Irish management of the US entertainment and leisure company Q-Zar announced last night that it had bought the largest single share block, comprising 7.3 million shares and almost a quarter of the firm.

"I am delighted to be able to demonstrate management's faith in Q-Zar's potential in a year that will see major growth in the Q-Zar network," said Mr Tom Butler, the company's chairman and chief executive.

Last September, Mr Butler increased his personal stake in the company to over 50 per cent by acquiring 7.27 million shares.

Industry sources said yesterday's block of shares was worth over $28 million (£17 million), valued on the basis of one share being worth around $4. The company has 29 million shares, and warrants for a further three million.

"The shares are normally valued at $5 or 56, so $4 is quite low," one observer commented. "Recently, small capital companies in the US haven't risen as much as large capital companies. Also, Q-Zar needs to be better known in the market."

The company is based in Texas, managed by an expatriate Irish team and listed on the Toronto and Nasdaq exchanges. Established in 1993 and floated in 1995, it operates a worldwide network of entertainment and leisure centres.

The firm's main product is the laser gun tag centres, known as Q-Zars, in which customers can simulate space age gunfights. There are more than 300 such centres in 38 countries.

This year, the company plans to open up more than a dozen "QCities", described by one company insider as "the ultimate hang out centre for teenagers". These 50-80,000 sq-ft centres will include restaurants, a hairdresser's and a range of entertainment products. They will not have any outlet for alcohol and will be safe and secure.

A third product planned for later in the year is called "Fun Time Pizza". This will be an amusement centre designed to attract the under 12 year old market.