Expected Bingo Buy-outs!

October 23, 2010 - by Victoria · Filed Under online bingo news Leave a Comment 

Since the recent stabilisation occurring in the Bingo industry and the Governments new indications that the long term future of the policies which affect the industry appearing more and more certain, there is an air of confidence in the market.

Over the past recent weeks, BingoSupermarket has reported on the below average trading numbers for the business which run internet bingo sites Buckingham, Gala and Top Ten Bingo. With the assistance of new investors and released capital, Gala appear to be managing to trade their way out of the sticky situation.

But, it seems it will be more difficult for Buckingham and Top Ten as the amount of debt is so high that they’re struggling to make themselves profitable after they posted their losses on the most recent trading accounts.

Company KPMG were appointed to take a look at the businesses of Top Ten and Buckingham bingo and also to consider their options in order to reduce the debt which has been put upon Barclays and RBS.

However, every cloud has a silver lining and this would be a good time for other more prudent bingo companies to consider these businesses as the banks shall be forced into a position of renegotiating the terms and then forced to cut some of the losses.

Usually this kind of problem forces business into a change of legislation. Some areas which proved to be a problem were the smoking ban, the change in taxation, and also the gambling reform. With this all taking place and the VAT to increase in January 2011, bingo companies should start to take stock of their business and being to prepare for the future.

A Skegness Bingo venue has now been on sale for more than a year and it has struggled to attract operators who would be in a position to buy the club. However, luckily an investor has come forward and the bingo club has finally agreed a sale.

A change which would be very welcomed in the bingo industry would be a change in the jackpot gaming machines by increasing the fee from £1 to £2. The bingo association has wanted this for a while and have campaigned for it as well as for a review on the number of jackpots assigned to a bingo club.

The better times appear to be returning to bingo but it is hoped this new Government will be more considerate than the past labour Government. A review in the Gross profits tax to bring the industry in line with the betting shops at 15% would certainly be a step in the right direction.

However, online bingo sites are becoming more and more popular, often replacing a woman’s Friday night entertainment rather than going out on the lash. To see what all the excitement is about take a look at 123 Bingo or William Hill Bingo!

Related bingo news:

  1. Bingo club closes in Wellingborough
  2. Buckingham Bingo Halls are feeling the Pinch
  3. Manchester’s Buckingham Bingo shuts down
  4. Beacon Bingo Gets Bought For £45 Million.
  5. Gala Bingo restructure finalised