Hermes Private Equity is disposing  of its equity in the Riva, which has 25 adult gaming centres and 13 bingo clubs.

The group was very close  to be taken over by its banks, including  RBS, after disposing of its seven highest-losing bingo venues.

Riva chief executive Simon Hannah is taking seven clubs which he has bought from Riva having paid what is thought to be a nominal amount for them.

Live bingo is going through what can only be desribed as a tough time in the UK having been badly hit by the smoking ban and the reduction in the number of £500 jackpot machines in each bingo hall. Additional taxation has also been imposed on the industry by both Gambling Duty and VAT.