Buzz Bingo Largest Stakeholder Sells For “nominal fee”

Buzz Bingo’s largest investor Caledonia Investments has sold its stake in the company to asset management fund Intermediate Capital Group (ICG) for what Caledonia say is a “nominal fee”.

The investment company that bought into Gala Bingo in 2015 which was then rebranded in 2019 to Buzz Bingo for £240 million just prior to the merger of Coral’s merger with Ladbrokes.

The bingo operator went through a £40 million makeover of all its ninety one venues on the rebrand which was supported by Caledonia but in 2020 when the global pandemic forced the closure on its entire estate the company announced that 26 of its bingo clubs would not reopen.

Caledonia also supported Buzz Bingo during the summer of 2020 with a £20 injection of capital to keep the brand going.

However with the UK’s third national lockdown Caledonia decided not to support the business for a requirement of extra funding to keep the business afloat.

In the announcement Caledonia did not disclose the amount Buzz Bingo was sold for but as of February this year Caledonia said their investment in Buzz Bingo was valued at “nil”.