Sale of Gala Bingo Clubs

Hi LBB'ers,

Just in case you haven't heard, Gala Coral has agreed to sell its retail bingo business consisting of 130 clubs across the UK to Caledonia Investments. The retail business was valued at a massive £241M but after resolvig debts, the company will pay  £97.8m in cash for a 99.5 per cent stake  with its management paying a further £500,000.

The sale still requires regulatory approval but Gala Bingo players shouldn't see much difference at their local club as the buyer has licensed the Gala brand and will continue to operate using it.

As for Gala Coral's online casino and bingo sites, those have not been sold.