Gala Bingo now a part of Caledonia Investments
Gala Bingo retail division, formerly an asset of Gala Coral has been acquired by the Caledonia private Investment for a value believed to be £241 million. The deal is however not complete and it will wait for another two months ass the UK Gambling Commission takes its time to prove the validity of the purchase and accord it with the approval. The Caledonia Investment however has decided to keep tabs with Simon Wykes as the CEO of Gala Bingo.
This also comes after the heads of Gala Coral claimed that the firm will have the brand ‘Gala’ retained in its online bingo and casino assets. Furthermore, the digital gaming division will have a planned connection with the Gala Bingo retail and will see it being managed by the so called ‘Collaboration Agreement’.
The sale started in September 2014 when Gala Coral announced the hiring of selling advisor Lazard Investment Banking. This would be followed by the selling of 47 bingo halls in December 2014 to M&G Investments.
The Chief Executive Officer at Gala Coral Carl Leaver claimed that he was happy to at last agree upon the sale of Gala retail after a competitive procedure. This comes after a turnaround was evident in the past few years for Gala Coral Group. He claimed that the Gala retail group would continue to flourish under a new management as it used to under their management. He concluded by saying that Gala Coral group will stand firm with the growth as well as development of their retail bookmaking and online businesses as they await the anticipated association with Ladbrokes.
On the other hand, Caledonia’s Head of Unquoted Investments, Duncan Johnsonclaimed that Gala Bingo will be among the best acquisitions of Caledonia Investment and will be keen to retain CEO Simon Wykes who would propel the firm to a new prosperous era. He continued to claim that Gala Bingo is known for its income generation and provision of amazing yields which forms the main idea that Caledonia has been incorporating to their portfolio. This will be crucial for the well-being and forward propelling of Caledonia in the yielding of substantial outcomes.