Gala Bingo Seeking Private Investors?
I continuation to the recent news you might have read here on Slots Bingo or elsewhere,
Regarding Gala Bingo’s firing hundreds of employees and the closing of numerous bingo halls to deal with an enormous £2.7 billion debt, current rumors suggest that Gala Bingo is no looking for private investors to keep the company from collapsing.
Gala Bingo is one of the biggest Bingo companies in the UK, operating numerous of land based bingo halls across the country, and the successful online bingo website which offers slots bingo games as well as many other bingo side games online – hence one of our favorites.
Although there are no official confirmations to this, it is said that due to current loan agreement, the company’s financial equity is tied up and cannot be used, and the company wants to bring in private investors for both loan and equity swap and to bring some more money they can use to lift the company back on its feet.
Can Gala Bingo stand back up, particularly with the recent financial and political trouble (the much talked about “bingo tax”) the offline bingo industry is going through. Sadly, I realy see a scenario in which Gala Coral closes down its offline bingo halls completely and focusing in the more successful online bingo activity. Sadly – because this would mean a lot of people across the country will lose their jobs…
At least we don’t see any sign of trouble in their online website – their bingo bonuses and other promotion seem to continue as usual.
This entry was posted on Tuesday, September 8th, 2009 at 2:12 pm
September 8th, 2009 at 11:49 pm
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