Buckingham Bingo nearing collapse
Buckingham Bingo, owner of 12 bingo clubs in the UK are reporting a loss of £88.7m ($127m) and have entered into fresh talks with banks to relieve the situation.
The company currently has a “going concern” status in the UK which means the business has little to no threat of going into liquidation. Whereas the online bingo industry is growing rapidly, land-based bingo rooms have been struggling with the current economic climate, recent ban on smoking in any public building and rising taxes. Bingo rooms across the country are already beginning to close.
After a massive re-financing of the company the owners of Buckingham Bingo have lost control to Barclays Bank.
Buckingham Bingo had already attempted a merger with another struggling company Riva Bingo but talks were called off while their debt situation was straightened out.
Whilst there has been no official comment from Buckingham Bingo a spokesman from Barclays has said that they are currently happy with the running of the group and have no intentions of closing it done.