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Caledonia Investments plc has announced that it has completed the purchase of the UK’s largest retail bingo operator, Gala Bingo, from Gala Coral Group.
Caledonia acquired 130 Gala Bingo clubs for a fee of £241m. Gala Bingo was formed in 1991 and currently holds a 38% share of the retail bingo UK market. It’ll continue to trade under the Gala brand thanks to a licence agreement with Gala Coral.
The sale removes another obstacle in the merger between Ladbrokes and Coral, although there are several more challenges to face for that deal to be completed.
Simon Wykes, Chief Executive Officer of Gala Bingo (Retail) said of the agreement: “This is a landmark moment for Gala Bingo and I am proud to be leading this business through the next stages of its lifecycle. We have some ambitious and exciting growth plans to now put in place. It’s great to have an investor with the financial backing to match our ambitions, and signifies the start of a fresh, new chapter in the story of Gala Bingo.”
Gala Bingo has over 1.1m active members and its main income streams are Main Stage Bingo, a quicker version called Party Xtra, electronic gaming machines and food and drink.
Duncan Johnson, Caledonia’s Head of Unquoted Investments, said: “We are delighted to have completed the purchase of Gala Bingo and to be backing Simon Wykes and his experienced management team on the next stage of Gala Bingo’s exciting journey.”
Gala Bingos across the country are set to be rebranded as part of a two-year £40m investment plan.
Gala Leisure, which is headquartered in Nottingham, is to rename its clubs Buzz Bingo with the hope the relaunch will attract new and younger audiences.
The new name will be introduced at two clubs to start with ahead of the rebrand rolling out across the country in the following months.
The company, which is backed by Caledonia Investments said that it chose the new name after speaking with customers and employees.
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Chief executive Chris Matthews said: 'Our unique relationship with customers will always be considered at the core of our offer.
'There is a sense of nostalgia for a game of bingo and a sense of fun and community spirit that goes hand in hand.
'When I joined this company, I was struck by the special relationships that our customers and teams have. I’ve never experienced anything like it in my career.
'It’s that feeling we want to bring to a wider audience through the launch of Buzz Bingo.
'Our customers really enjoy their time with us and there is nowhere else you can go to enjoy the combination of meeting up with friends, old and new, having a laugh with some good food and drink, all with the excitement and sense of anticipation that the game of bingo brings too.
'Keeping this spirit of community, our customers love, is very important to us as we expand in the future, into the online space and attract a new generation of players.'
In November 2017 it was revealed that the operator of Gala Bingo had returned to profit and reported a surge in revenue following the acquisition of its parent company.
Lci Ltd Gala Bingo
Gala Leisure's financial period stretched from 27 September 2015 to 14 January 2017 after its parent company was sold to Caledonia Venus Acquisitions on 19 December 2015.
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Over that period, the company made a profit of £18.1m, compared to a loss of £10.2m during the 12 months to 26 September 2016.
Lci Ltd Gala Bingo Cards
Gala Leisure, which employs more than 3,700 workers in about 160 clubs across the country, also increased revenue from £284.6m to £360.7m.