Last month we revealed that there were reports out that Praesepe was to buy the lion’s share of the troubled Buckingham Bingo. Latest reports over the weekend suggest that entrepreneur Brian Fraser is to snap up the company. Fraser is well known in the industry for shrewd business deals which have made him a small fortune.

It was expected that Buckingham Bingo which is one of the biggest operators in the North of England would be split up after there was a number of buyers interested in the company. Prasepe which is one of the fastest growing gaming companies purchased the Beacon Bingo estate which included 26 adult gaming centres and 6 bingo clubs, amongst which was the club in Cricklewood, for around £45 million, last year. The purchase of Buckingham Bingo would have fit into the strategy of the company which was only formed in 2007 and is actively pursuing further acquisitions and it was no surprise therefore that they were fiercely fighting for the Buckingham Clubs.

Brian Fraser, 52, currently owns three bingo clubs under the Club 3000 brand and also has interests in commercial and residential property. Fraser made a small fortune acquiring and selling bingo clubs before setting up the three latest bingo clubs. Buying Buckingham Bingo, would see him as a significant player within the industry once again and according the newspaper reports the deal is likely to be finalised later this week

Brian from Glasgow initially got into the bingo industry at the age of 19 as a trainee manager for Mecca Bingo. In 1997, he left and opened his first club in London before building up his Riva chain. At 43 years old and having spent 24 years in the industry he sold the Riva Brand, which included 6 bingo clubs for a reported £20 million but always claimed that he wanted to get back into the industry. The 3 clubs under the Club 3000 brand, Coatbridge, Glenrothes and Cardiff were opened up in 2006, 2007 and 2008 respectively and confirmed Fraser’s plans to get back in the driving seat.

Buckingham Bingo was a thriving company and an 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. Unfortunately 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.

But Barclays hoisted a for sale sign over the firm in September last year when it appointed KPMG to seek a buyer.

Buckingham's nine bingos made a loss of £142,000 on a turnover of £17.8m in the year ending March 29, 2010.