UK bingo company reveals financial problems.
UK gaming operator Buckingham Bingo has announced a full-year pre-tax loss of £88.7 million for 2008.The Bolton-based firm recently underwent a major debt restructuring process that resulted in Alchemy Partners losing control of the business, with Barclays now established as its main source of funding.
Despite the loss, a statement from parent company Full House Holdings claimed that Buckingham Bingo has "adequate resources to continue in operational existence for the foreseeable future".
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A spokesperson for Barclays indicated that the bank is "supportive" of the bingo firm and has no plans to call in its loans.
Meanwhile, bingonews.com reports that the proposed merger between Buckingham Bingo and Riva Bingo has been postponed while "both parties renegotiate their debt positions with investors".
Like larger bingo firms such as Gala and Mecca, Buckingham Bingo has been hit by the introduction of the smoking ban and the bingo industry's ongoing double taxation system.
Buckingham Bingo operates 12 venues in the UK and also provides an online bingo service, buckybingo.co.uk.
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