The Gala Coral Group’s 135 bingo clubs in the UK are up for sale.
The group has hired bankers to find a buyer for the clubs, which will allow the business to go forward to a £2bn float of the balance of its betting and gaming business.
Gala Coral is the largest bingo clubs operator in the UK and its holdings are thought to be worth around £250m (€300m). The Group’s main business is in bookmaking shops, of which Gala Coral has 1,800 in British towns and cities.
City speculation cites several potential bidders for the bingo clubs, including Luke Johnson, the former chairman of Pizza Express and the Channel 4 TV company. The online bingo business is not included in the potential sale, it seems.
The third quarter results for the group showed an 18 per cent increase in earnings at £67.2m. This figure was assisted by betting on the football World Cup and the company’s online business. The bingo chain reported earnings up from £6.6m to £8.2m in the 12 months to July 5.
