Is Gala Bingo Looking for Investors?

We have been reading a lot about Gala Coral, the company behind Gala Bingo, and it's huge financial debt of £2.7 billion. These have added to reports of several land based bingo halls closing down in the last year, and the firing of hundreds of jobs earlier this year - all in efforts to heal the company.

Now although we found no official confirmation to this, several online sources such as the Slots Bingo UK blog and Bingo Street say Gala Bingo is looking to bring in private investors to put some more money into the company and get it back on it's feet. It is said that the company's current funds estimated at £250 million are tied up at the moment due to loan agreements, and new investors are required to both freeing these funds for use and to bring in new funds.

After the sad news about cutting of jobs and the closing of bingo halls, it is intriguing to see if the offline and online bingo giant will be able to get back on it's feet and return to be profitable - Gala Coral is one of the three biggest bingo companies in the UK employing thousands of people, operating numerous bingo halls in addition to the Gala Bingo online website.

 

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• 2009-12-27 | Is Gala Bingo owner company about to change hands?
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• 2009-11-10 | Gala Bingo Players Find True Love
• 2009-11-03 | Gala Bingo Caller Jailed for 9 Months
• 2009-11-01 | Gala Bingo Prepares For the Holiday Season

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