Intermediate Capital Group buys Buzz Bingo and pledges £18m cash injection
Bingo operator sold to London-listed investment firm for undisclosed fee as it looks forward to reopening of retail
Buzz Bingo has been bought by Intermediate Capital Group (ICG) for an undisclosed amount. The online and retail bingo operator, which has been severely impacted by Covid-19 with the majority of its bingo halls closed due to lockdown, will be looking for a new lease of life under ICG. The investment firm has pledged to inject £18m into the business, while a £10m facility from Barclays has been secured that will be used to primarily focus on the group’s online offering. Buzz Bingo’s retail operations are set to kickstart on 17 May as part of the UK government’s roadmap out of lockdown. Chris Matthews, Buzz Bingo CEO, said the investment from ICG would secure the operator’s future following a difficult 2020. Matthews said: “This agreement provides us with the financing we need to ensure our success when Covid-19 restrictions ease. Prior to Covid-19, we were in a strong position – and growing. But lockdowns meant we have only been able to fully trade for about six weeks since March 2020. “We have invested heavily to ensure customers can stay safe and have fun, and the clubs performed well in the periods when they were allowed to open last year. We are also benefiting from the fast growth of our online offering, which two years after launch is already one of the UK’s market-leading operators in its own right.” “We would like to thank Caledonia Investments for their significant support over the past six years, and we look forward to continuing to work closely with ICG as our new shareholder,” he added. ICG has been a long-term backer of Buzz Bingo and currently manages more than €47bn of assets in third-party funds and proprietary capital.