Tue, 02 Jan 2024 | BUSINESS SALE
Bingo club operator Majestic Bingo Ltd, which has eight halls across the UK, has been acquired out of administration by Real Fun Group Ltd. The strategic acquisition significantly expands the group’s bingo offering, taking it to a total of 10 bingo clubs across England and Wales.
Majestic Bingo fell into administration in July 2023 as a result of factors including the impact of COVID-19, the decline of disposable income amid the UK’s cost-of-living crisis and a major fire at the company’s Spalding bingo hall in May 2021.
In the group’s accounts for the year ending December 31 2021, the company reported turnover of £6.6 million, down from £7.3 million a year earlier, while its pre-tax losses widened from £706,000 to £833,000.
Interpath Advisory’s Chris Pole and Tim Bateson were appointed as joint administrators on July 7 and traded the business for close to six months before securing a sale to Real Fun Group. The group, which already operates two independent bingo halls, is backed by several entrepreneurs committed to its expansion.
Interpath Advisory Director and joint administrator Tim Bateson said: “Having been appointed in July 2023 and traded the business for nearly six months, we are absolutely delighted to have achieved this going concern sale, which not only will see all eight venues continue to trade, but which also both safeguards the employment of 140 people and ensures continuity for the communities which these clubs serve.”
Real Fun Group CEO Kevin McGinnigle said that Majestic Bingo “was a well-run business that was hit with devastating luck over the last few years”. He added: "Undoubtedly there is a lot of work ahead of us and I’m confident we’ve got the right people within the business to make this a huge success for everyone concerned.”
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