Caledonia Investments acquires 130 bingo clubs in the UK for £240m
Caledonia Investments Plc is set to become one of Britain’s largest bingo club operators.
The investment trust agreed to acquire a chain of bingo halls from gaming group Gala Coral – the country’s largest betting and gaming groups – in a £240m deal.
Caledonia is set to own over 130 bingo clubs in the UK and have a market share of over 30%.
The deal is expected to be announced on Monday, according to Sky News.
Bingo has seen a surge in popularity recently despite forecasts suggesting its future is limited because of digital gaming operators.
Gala Coral, through acquisitions and new developments, has over 1800 licenced betting offices.
Caledonia is a self-managed investment trust company with net assets of £1.6bn. It is based in London and is listed on the London Stock Exchange and its history traces back to the shipping empire established by Sir Charles Cayzer in 1878.
According to Sky News, Mecca Bingo, Gala Coral’s main rival, did not express interest in acquiring the bingo halls from Gala.
In July the gaming group agreed on an all-share merger deal with bookmaker Ladbrokes Plc.
The merger created a a 2.3 billion pound betting group, with Ladbrokes’s chief executive Jim Mullen appointed as CEO of the new company, named Ladbrokes Coral