For the time being, Mark Sargeant, who only recently became Gala’s Group Gaming Director this July, will be stepping up temporarily. Mark Sergeant spent a year in the position of Commercial Director of Gala Gaming Division; prior to becoming Group Gaming Director in July. Although nothing has been officially announced, word on the grape vine is that Sergeant looks set to take up his new Managing Director’s position on a permanent basis.
Simon Longbottom will be moving on to entirely new pastures, taking up a position outside of the bingo gaming industry. According to a report released in the Times newspaper, Longbottom implied that he would be moving into the pub trade. Gala Coral look set to complete a deal, which should save them from total ruin, by the end of the year. Reports indicate that Gala have debts of more than £2.5billion. Restructuring and refinancing enabling the company to recover and manage those debts. Finalising any deal is going to be complicated. The Gala Group has more than two hundred individual investors.
Blackstone, an American private equity group have put £300 million on the table. It is reported that in return for this, they are looking for an equity stake of somewhere between 40% and 60%. More offer are expected, the general consensus being, if they are good enough for Blackstone, they are good enough for a lot of people. The saga continues….
This was an article by LJ for Bingo faces about Gala Bingo
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