| Top Ten Bingo Plans To Close Further Clubs |
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| Written by Jayne Wilson |
| Thursday, 04 February 2010 18:46 |
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Top Ten Bingo, the UK's third largest bingo club operator is said to be looking at closing further bingo clubs in the near future. An insider revealed that the company is looking at closing some of its further branches including the club at Wednesbury. The company that has had significant financial difficulties over the last two years and has been delisted from the AIM stock market has had to announce around a dozen club closures over the last couple of years. At its peak the company owned around 40 bingo clubs as a result of a number of acquisitions and mergers including Apollo Bingo and Walkers Bingo. With the expansion in the online bingo industry and changes in legislation such as the no smoking ban Top Ten Bingo has suffered in recent years. The decline in admissions and income led to the company not being able to meet the obligations to the bank on several occasions last year and investors in the company saw their shares decline by over 95% before the company was delisted. It is no secret that Top Ten Bingo will sell any of its bingo clubs if a buyer can be found. However a lack of interest has led to the company having to make the difficult decision to close more than 25% of its sites to date and our source suggests that "a number of its clubs face a similar fate in the near future".
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