Fri, 04 Oct 2013 | BUSINESS SALE
Gala Coral Group is set to sell its bingo club business, Gala Bingo, ahead of the group's planned flotation in a year's time.
The Times newspaper reported that the company was in touch with investment banks last week to ascertain who to appoint to handle a strategic review of Gala's options. Goldman Sachs is thought to be the favourite, although Credit Suisse, Rothschild, Morgan Stanley and Deutsche Bank were also present in discussions.
The decision to look into a possible business sale comes after various unsolicited approaches from private equity firms.
If a sale of the Gala chain, which includes around 140 bingo clubs, does go through, analysts predict the value to be in the region of £250 million to £300 million.
Given that the business hasn't had a particularly strong summer, partly due to the good weather which has kept people outside, further thought is also being put into the alternative option of selling off some of the worst performing clubs separately. This move would be designed to attract greater levels of interest in the sale of the bulk of the business.
A sale of the poorer performing clubs would not include the online bingo business or the Gala name, leaving the higher value areas of the business for sale together.
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