24
OCT
Gala Bingo Managing Director Warns Potential Buyers

Gala Bingo Managing Director Warns Potential Buyers

Written by: Glo Wood on 24/10/2013 18:20
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Gala Bingo managing director, Simon Wykes has put out a warning to private equity groups with interests in purchasing the company.

Wykes said potential buyers should avoid Gala Bingo “unless [they] had a huge amount of capital and didn’t mind paying over the top.”

Gala Coral is looking to sell off Gala Bingo with a £250m price tag.

Wykes said: “We need to attract new customers – and so we need to invest in facilities. But the real challenge is the level of VAT that we have to pay. It makes investment impossible.”

He also foresaw 120 and 150 of the UK’s 500 bingo halls closing down unless there was some tax relief.

“Those will go and we will end up with a much smaller industry,” he said. “People will just stop going and start doing something else.”

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