There had been some speculation, that the current private equity firm, who own Gala Coral, would write off debts for assets. According to a report in the Sunday Times, that has happened. Candover, Civen, and Primera, will be writing off more than £540million in debts, in return for a substantial stake in the business. Effectively, by surrendering around 50% of the company, Gala Coral will be able to use their revenues (currently frozen), to invest in the business. As opposed to merely paying the bills. Hopefully, this will turn out to be a very positive move for the company.
Of course, this deal will not exactly remove the debts. However, it will allow them to utilise the money they do have, to move the company forward. And, hopefully, upward. How they handle their debts now, will certainly determine their future. Hopefully, now their private backers have agreed to the deal, gala Coral have found themselves some breathing space.
Gala Coral have quite a packed portfolio, despite the problems: 2000 betting offices; 148 bingo Clubs; 27 casinos and two Greyhound Racing stadiums. Gala Coral, apparently, has around £250 million frozen, due to debts. Neil Goulden, Gala Coral Chairman, has been (understandably) somewhat frustrated, by the company’s inability to utilise that money. Hopefully, this will mark the end of this chapter, and Gala Coral can look forward to a tad more security during the coming months.
This was an article by LJ for Bingo Faces on Gala Bingo
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