Buzz Bingo Announces Sale To Intermediate Capital Group
Buzz Bingo today announced that Intermediate Capital Group Plc (ICG), has acquired Buzz Bingo Ltd from Caledonia Investments Plc for an undisclosed amount. ICG, which is already a long-term backer of Buzz, will also be injecting £18 million into the business to enable the company to invest in and deliver the business strategy, ensuring Britain’s biggest bingo company will thrive beyond lockdown.
The company has also secured a new £10 million facility from Barclays, which will support further investment into the company, including the growth of the online offering.
Chris Matthews, Buzz Bingo Chief Executive, said, “This agreement provides us with the financing we need to ensure our success when Covid-19 restrictions ease. Prior to Covid-19, we were in a strong position – and growing. But lockdowns meant we have only been able to fully trade for about six weeks since March 2020.”
“The new funding ensures we will continue to thrive. As the UK’s largest retail bingo operator and a cornerstone of many communities throughout the UK, we provide affordable entertainment to more than 1.1m retail customers. We can’t wait to welcome them back into all our 91 clubs throughout the UK on the 17th May.”
“We have invested heavily to ensure customers can stay safe and have fun, and the clubs performed well in the periods when they were allowed to open last year. We are also benefiting from the fast growth of our online offering Buzzbingo.com, which two years after launch is already one of the UK’s market-leading operators in its own right.”
“We would like to thank Caledonia Investments Plc for their significant support over the past six years, and we look forward to continuing to work closely with ICG as our new shareholder”.