Caledonia Investments sells Buzz Bingo stake for nominal amount to ICG

(Alliance News) - Caledonia Investments PLC said Wednesday it has sold its majority shareholding ...

Alliance News 17 March, 2021 | 11:22AM
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(Alliance News) - Caledonia Investments PLC said Wednesday it has sold its majority shareholding in Nottingham-based bingo club chain Buzz Bingo to FTSE 100 asset manager Intermediate Capital Group PLC for a nominal amount.

The FTSE 250 investment trust said that its investment in Buzz was valued at nil as at February 28, 2021 compared to GBP22.0 million as at September 30, 2020 as the Covid-19 pandemic and government restrictions meant that the company's clubs were unable to trade for most of the last 12 months.

Although Buzz was refinancing in the summer of 2020 through a company voluntary arrangement, in Which Caledonia injected GBP22 million, a third national lockdown had led to requirement for new funding, which Caledonia chose not to take part in.

Shares in Caledonia Investments were up 0.7% at 2,690.00 pence on Wednesday in London, while ICG shares were 1.4% lower at 1,902.47p.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Caledonia Investments Ord 3,580.00 GBX -1.10
Intermediate Capital Group PLC 1,396.00 GBX 2.65 -

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