Following the emergence of the COVID-19 virus, Caledonia Investments chose to minimize its financial setbacks and divested its ownership in Buzz Bingo.
The investment group offloaded its shares to Intermediate Capital Group (ICG) at a reduced rate, withdrawing instead of engaging in a fresh round of financing.
Having previously allocated £22 million (US$30.6 million) in the middle of 2020, Caledonia opted against contributing further capital following the UK’s third nationwide lockdown.
Both ICG and Barclays will be infusing funds into Buzz Bingo, as the bingo establishment network has encountered difficulties operating effectively over the past year because of the global health crisis.
ICG has been a consistent backer of Buzz, having already provided £18 million to guarantee the enterprise could prosper once lockdown measures were eased.
Likewise, Barclays furnished a £10 million credit line that will bolster additional investment in Buzz Bingo and the expansion of its digital footprint.
Chris Matthews, Buzz Bingo’s Chief Executive Officer, stated: “This agreement supplies us with the capital and fiscal adaptability to ensure we are positioned to completely capitalize on the return of our patrons to our locations and our sustained strong internet performance.”
“Before the pandemic, we were in a solid position and expanding. Nevertheless, the lockdown limitations have meant we have only been able to completely operate for approximately six weeks since March 2020.”
While its brick-and-mortar sites encountered obstacles, Matthews highlighted that the company witnessed expansion in its online operations.
He continued: “We have also profited from the substantial growth of our internet platform, Buzzbingo.com, which has yielded a robust performance and is now a market frontrunner in its own right, merely two years post-launch.”
The well-known UK bingo establishment network, Buzz Bingo, is eagerly getting ready to open the doors of all 91 of its English venues on May 17th, 2021. The company is enthusiastic about greeting its devoted players once more for a bit of amusement and some rounds of bingo.
