Thu, 30 Dec 2010 | BUSINESS SALE
One of the largest bingo operators in the north has announced that it is considering breaking the business up in 2011.
Buckingham Bingo, based in Manchester, operates 10 bingo halls across the north of the country. The leisure specialists called in KPMG's corporate finance specialists earlier this year to offer advice on options for the new year, including possibly putting the firm onto the market.
Some of the bingo halls look likely to be sold off independently, although a sale of the entire business has not been ruled out.
Buckingham Bingo is said to have already received notes of interest from several large investors, including leisure group Praesepe, who has expressed an intent to grow through a series of acquisitions next year.
Following on from KPMG's appointment to carry out a strategic review, sources close to Buckingham Bingo report that there has been 'considerable interest' in the firm since September, when the business first indicated a potential sale.
One source said, “There has been a variety of bidders and January could see one or more deals concluded.”
Venture capital firm Alchemy Partners purchased Buckingham Bingo for £90 million in
2005, but lost control of the company three years later when it wrote off its £76.7 million stake in the firm to bankers Barclays as repayment for a debt waiver.
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