A British investment trust will this week become the UK’s biggest bingo clubs operator when it snaps up the Gala chain in a £240m deal.
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Sky News has learnt that Caledonia Investments is to announce on Monday that it has agreed a deal to acquire the business from Gala Coral, one of the country’s largest betting and gaming groups.
The deal will hand Caledonia ownership of more than 130 bingo clubs and a market share of more than 30%.
It will surprise leisure industry watchers after a string of other names from the sector and the private equity arena failed to meet Gala Coral’s asking price for the business.
Caledonia’s swoop for the business – at a price broadly in line with expectations – will come as Gala Coral progresses plans for a merger with Ladbrokes, its larger rival.
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Paddy Power and Betfair have also announced their intention to combine amid a wave of consolidation sweeping the betting industry.
Bingo has enjoyed an unexpected revival in popularity despite forecasts that its prospects were limited as digital gaming operators became increasingly prevalent.
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Gala’s largest competitor, the Rank-owned Mecca Bingo, had said it was not interested in buying its rival’s estate, while LDC, the private equity group, and Gauselmann of Austria were also linked with offers.
Caledonia traces its roots to the shipping empire established by Sir Charles Cayzer in 1878, and is now a listed investment trust which manages a portfolio of international quoted, unquoted and fund investments.
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It has one of the longest unbroken runs of dividend increases on the London stock market, and is understood to be attracted to the bingo business because of its reliable revenue streams.
Caledonia’s largest unquoted holdings include Park Holidays, and Seven Investment Management, an asset manager.
It also owns significant stakes in public companies such as AG Barr, the soft drinks manufacturer, and Close Brothers, the financial services group.
According to material on its website, Caledonia seeks to invest £25m to £100m in private companies 'either on a majority or minority basis in situations where it believes there to be a good opportunity for building value over the longer term'.
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Gala Coral and Caledonia both declined to comment on Sunday.