It has been no secret… Gala have been teetering on the edge of extinction for some time now; after accumulating more than two and a half billion pounds in debt. Only recently the company announced that a “debt restructuring” was in the pipeline and that the Blackstone group was making a bid to control of the company. If the latest news is correct, and Apollo have made an acceptable offer to take over Gala Coral, completion of the deal will probably be swift. According to sources, the offer on the table from Apollo is £250million in cold hard cash. For this, they expect a 50% stake in Gala Coral. Which means? The Apollo Investment Corporation will have control over the company.
Despite the fact that the Gala Coral Group have been experiencing huge financial problems, it hasn’t stopped them doling out the cash ‘big style’ at Gala Bingo. And there’s still thousands of pounds up for grabs, just in their special Christmas jackpot promotions. Plus, they are still offering free bingo every day at Gala Bingo. Through all the problems, Gala Bingo have shown few outward sign of a struggle - they may have been streamlining their clubs and staff… but certainly not the prizes! There’s a “winner every 16 seconds at Gala Bingo”! Let’s just hope the new ‘owners’ are going to keep it that way!
This was an article by LJ for Bingo faces on Gala Bingo
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