Tue, 28 Sep 2010 | BUSINESS SALE
The owners of Buckingham Bingo, a leading Manchester-based bingo operator in the North, are considering a sale, according to the Manchester Evening News.
KPMG has been appointed by owner Alchemy Partners to examine all possibilities for its future to include a potential sale. Venture capitalist outfit Alchemy Partners purchased Buckingham in 2005 in a deal worth around £90 million.
Despite 1.7 million players attending its bingo halls, the group reported a net debt of £37 million in its last recorded accounts. The smoking ban of 2007 has taken its toll on the business, as has the introduction of the gross profit tax to replace bingo duty, which has since been subject to increases.
Its Parrs Wood Centre bingo hall in Didsbury, Manchester, was closed down in April this year, leaving a total of 11 sites. It is believed that this attempt to address the financial problems has not been sufficient to stem losses.
As well as its land-based sites, Buckingham Bingo is behind Bucky Bingo, the bingo website.
Alchemy surrendered control of Buckingham Bingo to Barclays in 2008 in return for a debt waiver, effectively wiping out its £76.6 million share in the group.
The last recorded accounts of Buckingham Bingo's parent company, Full House Holdings, reveals a loss of £13.7m in the year to 31 March 2009 and a net debt of £28m.
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