In the wake of the COVID-19 pandemic, Caledonia Investments chose to divest its holdings in Buzz Bingo.
Caledonia Investments unloaded its shares at a reduced cost to Intermediate Capital Group (ICG).
The investment group declined involvement in the most recent round of financing.
Having infused £22 million (US$30.6 million) in the summer of 2020, the company elected not to reinvest after the third nationwide lockdown.
Consequently, ICG and Barclays will furnish Buzz Bingo with additional funds as the bingo proprietor has faced difficulties throughout the past year because of the pandemic’s effects.
ICG has maintained a longstanding alliance with Buzz; it has committed £18 million to guarantee the company’s seamless operation once the lockdown concludes.
Moreover, Barclays extended a £10 million loan arrangement, which will bolster further investments in Buzz Bingo and the expansion of its digital enterprise.
Buzz Bingo Chief Executive Chris Matthews stated: “This agreement equips us with the financial resources to execute our plan to be the premier retail and online bingo enterprise for our patrons and our personnel.
“Prior to the pandemic, our business exhibited strong performance with unprecedented customer volumes relishing Buzz Bingo’s distinctive blend of in-club and digital encounters. However, lockdowns have resulted in only approximately six weeks of full operation since March 2020.”
Notwithstanding the obstacles confronting its land-based operations, Matthews highlighted the growth of the company’s online platform.
“We have also seized the chance to hasten the expansion of our internet-based business, Buzzbingo.com, which has achieved remarkable results and now stands as a market-leading entity in its own right, a mere two years post-launch,” he remarked.
UK bingo hall giant, Buzz Bingo, is preparing to reopen its doors to eager players starting May 17th, 2021. With a nationwide presence of 91 venues, the company is set to reignite the thrill of the game and the joy of calling out “Bingo!” live after an extended shutdown caused by the global health crisis.
