Monday, October 26, 2015 : GALA BINGO SOLD OFF TO CALEDONIA INVESTMENTS
Company narrows focus on retail and online betting.
Betting and gaming firm Gala Coral has sold off its Gala Bingo retail business to investment trust firm Caledonia Investments plc for a total consideration of GBP 241 million.
The sale involves 130 Gala Bingo clubs and is conditional on approval from the British Gambling Commission.
While Gala Coral will retain both the Gala brand and the websites Galabingo.com and Galacasino.com, on completion of the transaction the bingo clubs will continue to trade under the Gala brand through a licence agreement entered into by the two parties.
A further collaboration agreement ensures that the two businesses take full advantage of multi-channel opportunities already developed by Coral.
Chief executive officer Simon Wykes will continue to be lead Gala Bingo after completion of the sale.
Carl Leaver, chief executive of Gala Coral commented: “We are very pleased to have agreed the sale of Gala Retail, following a competitive process. The sale is another transformative step for Gala Coral Group, following the turnaround of the business over the past few years.”