Monday December 21,2015 : CALEDONIA INVESTMENTS BUYS GALA CORAL BINGO HALLS
130 bingo venues sold for GBP241 million
Land and online gambling group Gala Coral has announced the completion of its sale of 130 land bingo venues as part of its preparations to merge with Ladbrokes plc in a major GBP2.3 billion deal
The buyer is Caledonia Investments in an agreement first announced two months ago. The deal does not include the Gala Coral brand (the clubs are to licence the Gala title), or the online websites Galabingo.com and Galacasino.com.
Gala reportage shows that the clubs generated revenues of around GBP 300 in the full year ended September 30 2015, from an active player base of over a million bingo fans.
Gala Coral CEO Carl Leaver says that selling off the clubs is another transformative move, but emphasised that the group remains focused on growing its retail and online gambling operations as part of the forthcoming merger with Ladbrokes.