Gambling company Gala Coral have confirmed that that have sold all of their 130-strong chain of bingo clubs to Caledonia Investments in a deal reported to be worth £241 ($370 or €335).
According to figures from the British Investment Trust, Gala had pre-tax profits of £33m and had 1.1 active members for the year up to 26th September. Although the deal has been fully agreed, it will need to be approved by the UK Gambling Commission.
Gala chief executive Simon Wykes said: “We are delighted to have secured Caledonia’s backing in the next phase of Gala Bingo’s development.
“We believe that Caledonia’s longer term, supportive investment model will give Gala Bingo the stable platform from which we can continue to develop our market leading business.”
Industry insiders believe that the sale will now allow Gala Coral to complete its proposed merger with British betting chain Ladbrokes, making them the biggest high street bookmaker in the UK.
Gala Coral said it would maintain its online brands, which include Galabingo.com and Galacasino.com. The bingo halls will continue to operate under the same Gala brand name through a license agreement.
Gala bingo clubs offer a variety of slot machine games that visitors normally play between bingo games.