Bankers at Lazard have been hired by Gala Coral to sell off its bingo clubs which are worth an estimated £250m.
There are already several potential buyers lined up to buy the 135 bingo hall business.
Carl Leaver, Gala Coral’s chief executive, said, “We remain pleased with the turnaround in the performance of Gala Retail and have recently embarked on a process to explore a potential sale of the division.”
The decision to sell off the retail end of the bingo business comes after a review of the sales results.
The company also intends to close many of its sports betting retail shops as a result of an increase in taxes assessed to UK bookmakers. William Hill also has plans to close down several of its betting shops based on the high tax rate.
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