Buzz Bingo Owner Eyes Potential Sale Amid Industry Tax Concerns
Intermediate Capital Group acquires Buzz Bingo as the chain eyes growth. Discover the latest on property sales and industry tax threats facing the brand.
POLICY WIRE — London, United Kingdom — The parent company of one of the United Kingdom’s largest bingo operators is weighing a potential sale, even as leadership cautions that additional tax hikes in the upcoming budget could jeopardize the sector’s long-term viability.
Intermediate Capital Group Plc (ICG) has officially acquired Buzz Bingo Ltd from Caledonia Investments Plc for an undisclosed sum. As a long-term supporter of the brand, ICG plans to provide an £18 million capital injection to support the company’s strategic growth initiatives.
The chain, which operates 77 locations across Great Britain, was formerly known as Gala Bingo before undergoing a rebranding in September 2018. While the Buzz Bingo name is now synonymous with the physical clubs, the Gala brand remains active under Entain plc, focusing on online casino and bingo services.
Property assets associated with the chain are currently hitting the market. The Grade 1 listed Buzz Bingo Hall in Tooting is available as an investment opportunity for £6.6 million, with a lease agreement extending through 2039.
Additionally, the company’s facility on Centenary Way in Burnley is listed with agents CBRE for offers exceeding £1,990,000. That 32,907-square-foot property includes a secured tenant agreement running until December 18, 2039, generating an annual rent of £223,443.
Dominic Mansour, Chief Executive of Buzz Bingo, highlighted the brand’s current momentum, stating: “Bingo in the UK is having a renaissance and Buzz Bingo is the leading omni-channel bingo brand. Following a period of stabilisation for the business, it is now thriving, and we are delighted to be acquiring the Cricklewood and Northampton bingo clubs.”
Reporting by Policy-Wire (PW)
