6
OCT
Gala Coral to Sell Gala Bingo Clubs

Gala Coral to Sell Gala Bingo Clubs

Written by: Glo Wood on 06/10/2013 15:45
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Gala Coral Group is considering the sale of its bingo clubs around the UL for over £250 million to appeal to investors for a share offering of its betting and online ­businesses.

Gala has been in financial talks and is considering selling the clubs after it was reportedly approached by potential private equity suitors.

The company’s initial public offering (IPO) may value the company at £2 billion.

Gala Bingo’s revenues have dropped this year as temperatures increased around the country. Even Rank Group, owner of Mecca Bingo, reported that the warm temperatures were not good for sales as players wanted to take advantage of the weather and spend time outdoors.

Gala Coral sold the majority of its UK casinos to Rank Group for £179 million and its Eurobet Italia is the fifth largest Italian bookmaker in Italy. The group profited £1.19 billion over the last fiscal year.

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