Gala Bingo restructure finalised

Gala

Its always good when a deal comes together, and when the deal in question has been going on for over a year the conclusion is definitely sweeter. The deal we’re referring to is the Gala Bingo restructure although some of their major investors have lost out financially. The largest ones are Cinven, Candover and Permira, Permira are the largest losers but between the 3 of them they have lost approximately £600 million.

Before they entered negotiations the gaming and bingo giant were believed to have around £2.7 billion of debt, but now it is believed to be roughly £1.9 billion – still a considerable sum in our eyes! The new owners, headed by Apollo Management have not only restructured the company’s debt but have also steered them away from administration.

The Chairman of the Gala Coral Group, Mr Goulden, believes it is a positive move and said; “Everyone believes it is the best offer on the table and everyone agrees it is the best thing for the company.”

He also said that Gala bingo will be unveilling a new board this week. It will have 4 new industry experts, to be nominated by the new shareholders, as well as Mr Goulden, Dominic Harrison, Gala’s existing Chief Executive and Gary Hughes, the Chief Financial Officer.

Related bingo news:

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  2. Beacon Bingo Gets Bought For £45 Million.
  3. Gala Coral gets a bronze in Corporate Responsibility Index
  4. Gala Bingo in hostage ordeal
  5. Gala, Bingo Day Reviewed by LondonBingo Staff