It was no secret that Buzz Bingo were planning on making some (well, many actually!) staff redundant through bingo hall closures, but in a surprising turn of events, the bingo operator has announced that they’re not quite finished with the culling of employees yet!
The local media in Nottingham is reporting that staff numbers from its headquarters (in Castle Boulevard, Notts) will also be reduced as plans for major company restructuring get underway. They revealed an undisclosed number of support roles will be axed in line with those proposed changes and in order to reduce costs, they have even entered into a company voluntary agreement (CVA)!
What’s a CVA? A CVA allows an insolvent company to continue to operate while paying creditors over a fixed period. Back in July we learned Caledonia Venus Holdings, the company behind the popular land-based and online bingo site, were to axe 570 jobs and as a result of this, some 26 bingo halls would be at risk of closure!
Chris Matthews, the chief executive of Buzz Bingo, said: "We welcome the CVA approval received by our creditors.It’s an important step in securing a sustainable, long-term future for Buzz Bingo. I’d also like to thank all our colleagues for their support and understanding through this time. We've enjoyed welcoming customers back to our clubs throughout August and continue to drive our online business."
Light at the End of the Tunnel?
Looking at the figures led to the decision to restructure, after posting a pre-tax loss of £8.8 million in 2019, with a decrease in revenue from £276 million to £264 million up to January 2019. And, it was estimated some £70 million was injected into the company to help transition from Gala Bingo to Buzz Bingo; that’s a lot of outgoings and not a lot of incomings!
Just how bleak are the land-based operations are looking for the high-street bingo chain? There’s no sign of a struggle or doom and gloom when looking at the various social media campaigns and promotions they have running. And they’re still giving away a brand-new Audi A1 this month! As long as you’re taking part in the special bingo games, you could be driving away with a shiny new motor next month!
Plus, there are bonus spins, prize draw entries for £2,500, bonus spins and…
…free bingo sessions to be won via the seaside spinner wheel every day – and it’s free to play with no deposit required!
Source: “Jobs and Buzz Bingo HQ in Nottingham to be Affected as Company Plans Major Restructuring”. Nottinghamshire Live. August 20, 2020.
Your feedback
Please enter your comment.
Your comment is added.
Comments (1)
lollipops321 08/24/20, 08:08:44 AM
There are jobs going everywhere! It’s a crazy time to be alive that’s for sure! I follow them on FB and regularly take part in the quizzes, so it will be sad to see familiar faces go.
