Betting firm Gala Coral has announced that it plans to go ahead with the sale of 60 bingo and eight casino retail properties, selling a large portion of the bingo properties to M&G Investments.
Gala Coral has offloaded 47 bingo properties to M&G, with 5 more spots coming in the near future for a cash price of £173.4 million. Gala will then rent out the properties for the next 25 years to continue operations. It is thought that the remaining gaming properties will be sold within the first quarter of 2015.
Commenting on the deal Gala Coral Group CEO Paul Bowtell saying: "Today's announcement is good news for the Gala Coral Group as it further streamlines our financial structure. In addition, the move to current market rents on these clubs for Gala Bingo will enhance the profitability of the business”.