Well, I’m sure that the many hundreds of thousands of members would disagree with the headline of the post, but The Times says otherwise. Following on from previous news about Gala Bingo’s parent group’s financial troubles comes the news that the private equity backers of Gala Coral are concerned that their £5billion pound investment is just that, worthless.
Private equity backers Candover and Cinmen have both written off their stake in the company, following earlier reductions in their holdings. Reading the article at The Times, it seems fair to say that the loss effects the equity companies more than it does Gala Coral. The group still has massive debts, but continues to operate within its banking covenants. On the plus side Gala are “trading ahead of expectations” and have no plans for restructuring, which will be good news to their 19,000 employees.