The owner of one of Britain’s biggest bingo businesses has picked bankers to oversee an auction next year.
Sky News understands that Intermediate Capital Group (ICG) has asked Nomura to prepare a sale process for Buzz Bingo, which it has owned since 2021.
The timing of an auction and ICG’s price expectations were unclear on Thursday, with one insider saying that the launch of an attempt to find new owners would be dependent upon market conditions.
Buzz Bingo operates more than 80 clubs across the country, and has a prominent digital presence offering bingo, casino and other gaming products.
The company was acquired by ICG from Caledonia Investments for “a nominal sum” during the COVID-19 pandemic.
Its finances, like those of many leisure operators, were hammered by the crisis, with accounts showing post-tax losses of £17.9m in the year to January 14.
That compared to a loss in the prior year of more than £40m.
The accounts also disclosed additional financial support from ICG of £12m, while borrowing facilities with ICG and Barclays were extended to 2027.
Earlier this year, another bingo operator, Majestic Bingo, fell into administration, with a rescue deal for parts of the business struck last week.
ICG declined to comment.