Beacon Bingo Gets Bought For £45 Million.

Those upset  at Manchester’s Buckingham Bingo shutting down will be happy to heard that Beacon Bingo has been given a new lease of life with a £45 million takeover deal. The Beacon Bingo Group have managed to accumulate £40 million in bank debt but the gambling investment company Praesepe didn’t care.

The Beacon Executive Chairman Brian Mattingly has an extensive portfolio of working with successful gambling groups. This portfolio includes the 888holdings group that run 888ladies bingo as well as the Gala Coral Group who run Gala Bingo.  He has decided to accept the offer of moving over to the Praesepe Board.

Praesafe could obviously see the potential in the Beacon Entertainment  group which turned over £35.9 million at the end of the April 2009 financial year. Praesepe claim they can save over 2 million pounds after the two brands have been moved into established amusement arcades. This boost should help the keep Beacon Entertainment afloat as well as renew peoples confidence in the UK bingo industry.

London bingo halls are in no danger of fading it seems. Praesepe has also bought Crystal Rooms which is located in london. The CEO of Praesepe Nick Harding expressed his excitement about the deal saying “UK bingo has a market value of over 1.7 Billion pounds and the management team, which will be bolstered by the addition of Brian Mattingley, has some very exciting ideas and initiatives to build on and enhance its reputation as a superb entertainment proposition.”

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