Bingo operator Real Fun Group has acquired eight bingo clubs and the associated retail facilities from Majestic Bingo. The acquisition out of administration is reportedly expected to support the operator’s intention to play a prominent role in the UK’s independent bingo sector.
Expanding Bingo Club Portfolio:
As Insider Media Limited (IML) reports, the latest acquisition will boost the Real Fun Group‘s operations to a total of ten bingo clubs across England and Wales. Such an expansion represents a significant step in the company’s mission to take a lead in the industry. But the fact that the company will keep the employment of more than 140 people seems to equally contribute to the mission.
Acquisition Safeguards Employment:
According to the source, Majestic Bingo Limited entered administration on 7 July 2023. The procedure was supervised by Interpath Advisory joint administrators Tim Bateson and Chris Pole. Bateson reportedly said:“Having been appointed in July 2023 and traded the business for nearly six months, we are absolutely delighted to have achieved this going concern sale, which not only will see all eight venues continue to trade, but which also both safeguards the employment of 140 people and ensures continuity for the communities which these clubs serve.”
Bateson added:“We would like to extend our thanks to the many stakeholders who have provided support to the administration team since our appointment, including customers, suppliers and Majestic’s dedicated staff. Their support has enabled us to conclude this transaction which will enable the business to continue under new ownership.”
Kevin McGinnigle, chief executive of Real Fun Group, reportedly commented:“I’m incredibly excited by this opportunity. This was a well-run business that was hit with devastating luck over the last few years, and I can’t wait to work with the team. To sit here today, knowing we’re able to keep so many people in work is an unbelievable feeling.” According to IML, McGinnigle also said that he is confident that the teams within the business are competent to make the ownership transformation a success for both the employer and the employees.
He reportedly added:“Coming from a family of bingo players, I’m aware of the role that local bingo clubs play in their community and to get the opportunity to keep these historic clubs open for our customers is just fantastic.” As reported, Real Fun Group currently have around 200 employees across ten bingo clubs in the country to boast one of the UK’s largest independent bingo operators.
Ensuring Local Business Continuity:
The acquisition deal reportedly included corporate restructuring & advisory partners acting on behalf of Real Fun Group. Partner Sarah Teal reportedly said:“It was an absolute pleasure to have supported Real Fun Group with this acquisition, securing the future of these bingo clubs that are integral to the communities in which they operate and securing jobs in time for Christmas.” Stuart Taylor, partner in the restructuring and insolvency team at Harrison Clark Rickerbys acting for the joint administrators, reportedly added:“It was great to work with the joint administrators on the sale of Majestic Bingo, a deal that safeguards a number of jobs and ensures continuity of local businesses.”