We reported on the 27th September 2010 (Bingo Giant Up For Sale), how the bingo operators of both land based bingo clubs and an online bingo site, Buckingham Bingo was looking to auditors to KPMG to assess the best way forwards for the company. At the time we suggested that interested parties that were looking to purchase assets of the company would do well to contact the auditors and it turns out that there were a number of investors did just that.

While it is believed that all parties have signed a confidentiality agreement we have been advised by a number of sources that there were a variety of bids including the large chains currently operating bingo clubs in UK bidding for the assets of the company. These bids are now being reviewed and it is expected that the company will be sold off in 2011. While Buckingham Bingo was a thriving company and a elite operator within the bingo industry up until a few years ago the company has been in the headlines for all the wrong reasons – mostly to do with the extensive debts it has associated with it. Unfortuantely the company has been unable to deal with its debts and failed to become a success and investors have suffered the consequences.

The company which was sold to Alchemy Partners in 2005 for £90m is expected to be worth a fraction of that amount today.

Buckingham Bingo was founded by Panico Panayi around 40 years ago. It has 9 purpose built bingo clubs and is the largest independent bingo operator in the north of England. It was sold to Alchemy Partners when the industry peaked in 2005 for £90m. This was roughly the same time that Beacon Bingo was sold for £100m. Following the smoking ban and changes in legislation the value of the company plummeted and Alchemy were given the choice to inject significant amounts of cash into the business or write off their stake leaving Barclays in full control of the company. Alchemy went with the latter and Barclays Ventures was handed control.