Gala Bingo has finally completed the deal as anticipated and reported by Bingo Supermarket over the last few months.

  The saga of the Gala Bingo restructure has now being going on for some 12 months with major investors including Candover, Permira and Cinven losing around £600 million between, with Permira being the biggest losers.

The new owners headed up by Apollo Management have managed to restructure the company’s debt and have steered from heading towards administration.  The Bingo and Gaming giant is now believed to have a debt of around £1.9 billion as opposed to around £2.7 billion before going into the negotiations.

Mr Goulden, chairman of the Gala Coral group is upbeat about the recent restructure and in a reported in an interview with Reuters “Everyone believes it is the best offer on the table and everyone agrees it is the best thing for the company."

Gala Coral expects to unveil a new board later this week, Mr Goulden has stated. The board will include Neil Goulden and also Gala's existing chief executive Dominic Harrison and chief financial officer Gary Hughes as well four new industry experts nominated by the new shareholders.