Gala Coral looks like selling its entire bingo division of 132 clubs to a whole host of suitors within the next four to six weeks it has been reported in the Times.
Several interested parties are looking at snapping up the bingo division of Gala as the betting firm looks to further consolidate its business to online where profits have continued to improve and also readying itself for an IPO later this year.
In selling the final piece of the companies land based business Gala Coral will then completely been able to concentrate on their internet business. Current favourite to take the bingo business is current Managing Director of the bingo business Simon Wykes and a management buyout, however German gaming giant the Gauselmann Group are also named as a potential suitor along with venture capital firms Bridgepoint, Risk Capital Partners and OPCapita.
One final possible player is former CEO of Scientific Games Lorne Weil who is believed to be trying to put together a US led acquisition company to enter the race to buy Gala Bingo. The price for the Gala Bingo business is estimated at £250 million and the eventual winner will expect to know their fate in late June or early July.