Gala Coral – a leading betting and gaming company in Europe, has recently inked a deal with M&G Investments and transferred the ownership of 47 bingo properties, located on the territory of the United Kingdom, to M&G.
That has been the latest move taken by Gala officials with the aim of rationalizing company’s financial condition.
A few months ago, Gala Coral made the first attempts to sell its UK-based bingo hall network. People with considerable knowledge on the matter assumed that the deal could amount to £250 million.
According to reliable media, Gala Coral launched the auction formally in order to attract more investors who would express interest in purchasing the properties.
As soon as the auction was launched, the subsidiary 2005 Propco Three Limited has started to further popularize company’s bingo hall network as well as the casinos.
Estimates show that the sale of the bingo sites to M&G as well as the additional properties that are expected to be completed anytime soon totaled £173 million.
Although Gala Coral is no longer the owner of the properties, the operator Gala Retail will continue working in the premises and pay rent for using them.
Gala Retail is going to work in collaboration with M&G for a pretty long time as it has recently entered a 25-year lease. Payment, amounting to £34 million was made in order the rent to be reduced. Now, Gala Retail will be supposed to pay rent, equal to £15.5 million per year.
Before the sale of the 47 bingo properties the company had successfully found a new owner to another two bingo properties and eight freehold casinos and received the sum of £58 million.
According to people who are acquainted with the matter, the six properties that are still managed by Gala Coral are likely to be sold at the beginning of 2015.
One of the key figures in Gala Coral – Paul Bowtell, said that finalizing the deal was definitely beneficial to Gala Coral Group as it contributes to officials’ attempts to put the financial affairs in order.
Apart from that, Bowtell said that the latest actions taken by the company will have a positive effect on the profits.
In the meantime, Gala Interactive has entered the UK gambling market with the aim of boosting its impact in the country.
Gala Macau is believed to attract predominantly Asians who are currently living in the UK and who would like to feel the excitement the most popular gaming hub in Asia brings about.
Along with the traditional casino games, players will also be given the chance to indulge themselves in games such as Pai Gow Poker and Sic Bo.
