Buzz Bingo owner explores sale as profits grow

Summarised from 2 outlets · Updated 11 Oct, 12:37 · Archive

Buzz Bingo's owner ICG is exploring a sale of the UK's biggest bingo hall operator as the chain reports growing admissions and revenue.

Buzz Bingo's owner ICG has appointed bankers to advise on discussions with potential buyers for the company. The Nottingham-based chain operates more than 75 bingo halls across the country and is looking for a new owner to provide fresh investment.

The company reported strong performance in its latest financial year, with revenue growing 11 per cent to £241m. Admissions and revenue increased for the first time since the indoor smoking ban came into force in 2007. Of the 190,000 new retail customers the company acquired last year, half were aged under 35. Refurbished halls performed particularly well, beating the company's overall admissions growth by 20 per cent and attracting 49 per cent more new customers.

Buzz Bingo says online trends have driven a resurgence in the game's popularity, particularly among younger players seeking affordable alternatives to nights out. The company wants to invest further in modernising its clubs and improving the customer experience. The sale comes as the gambling industry warns the government that a Budget tax raid would threaten betting shops and bingo halls across the country.

How it is being reported

• Britain’s biggest bingo chain explores sale despite tax raid threatThe owner of the UK’s biggest bingo hall operator is exploring a sale of the company, even as gambling bosses warn a huge tax raid could threaten the industry. Asset manager ICG has appointed bankers to advise on discussions with potential buyers for Buzz Bingo, it is understood. The Nottingham-based chain is looking for a [...]City AM · 11 Oct, 12:21
• Numbers up for Buzz Bingo as owner explores saleThe owner of one of Britain's biggest bingo chains is exploring a sale even as its boss warns that a further budget tax raid could threaten the future of the industry.Sky News · 11 Oct, 09:33

In this story: Buzz Bingo · ICG · Oakvale Capital · Nottingham

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