Mon, 10 Jul 2023 | ADMINISTRATION
Majestic Bingo, one of the UK’s largest independent bingo operators, has fallen into administration. The company posted a notice of intention to appoint administrators on June 27 and has subsequently named Interpath Advisory’s Chris Pole and Tim Bateson as joint administrators.
The company is based in Spalding, with a support office in Mansfield, and currently operates eight bingo halls across the UK. At the time it entered administration, the company employed 143 staff across its bingo halls, which include the Roman Bank hall in Skegness and three clubs in Wales.
Despite being historically profitable, the company has been hit by a number of adverse factors over recent years. The COVID-19 pandemic heavily impacted the company, causing significant reductions in admissions, which have failed to recover fully.
The company’s profitable Spalding bingo hall was subsequently hit by a major fire in May 2021 and has not reopened. The firm has also been adversely impacted by the cost-of-living crisis and the decline in disposable income across the UK.
These factors have severely damaged the company’s financial position, leading to cashflow challenges and, ultimately, the appointment of administrators. In its most recent accounts, for the year ending December 31 2021, the company reported turnover of £6.6 million, down from £7.3 million a year earlier, while its pre-tax losses widened from £706,000 to £833,000.
Interpath Advisory director and joint administrator Tim Bateson said: “Majestic is one of the UK’s most recognisable independent bingo operators, but in recent years has seen trading adversely affected by the impact of lockdowns during the COVID-19 pandemic, as well as the cost-of-living crisis.”
“We will continue to trade the business in the immediate term while we seek a buyer for the business, and would encourage any interested parties to make contact with us as soon as possible.”
Majestic Bingo Online Limited, the company’s online operation, which trades as a separate entity, is unaffected by the administration and will continue to operate as usual.
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