Cash Strapped Gala Bingo Potential Takeover Target

The land based UK bingo world was shocked this week with news regarding a posible takeover of Gala Bingo. According to Reuters, the American private equity company Apollo see  Gala Bingo as a possible target and are planning to make  an offer of £250million for a 50% share of the company.  Gala Coral are a prime target as they are struggling to restructure their business to better manage their whopping £2.6billion debt. There are other offers on the table including one from the junior lenders to the group, and another from the Blackstone group

Reports suggest that Gala will make a decision  in the New Year. Many will follow the takeover story with great interest following Gala’s last year of financial concerns and investment write-offs. The company is still the UK’s leading retail bingo chain in terms of venues, so lets hope the company is able to keep as many of them open as possible, as the loss to the UK’s bingo players would be massive.