Gala Coral Cash Crisis
16th June, 2009
Galabingo.co.uk operator Gala Coral are reported to be making 180 job losses, if the closure of a proposed 6 bingo halls goes ahead to enable the company to raise £200m worth of funds.
Currently, gala are in net debt for an estimated £2.5bn with net earnings of £360m. This is despite efforts from investors: Cinven, Permira and Candover, injecting £125m into the business last year which investors have now described as being worthless.
EGRmagazine.com reported that Gala is still being heavily affected by the UK smoking ban and by the tax rise in April raising duty by 7%.
By Faye
