Riva Bingo on Selling Spree; Disposes More Bingo Clubs

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Six months ago, it was reported that Riva Bingo had sold more than half their bingo club offerings to Brian Mattingley for an undisclosed amount. Brian Mattingley, incidentally, is also a non executive director at 888Holdings. This difficult decision was taken at that time to enable the Riva Bingo controller and Chief Executive, Mr. Simon Hannah, to focus strategic initiatives on a smaller company and to relieve the company from the shackles of a debilitating debt yoke. However, the sell-off does not seem to have had the desired effect and Riva Bingo has announced the disposal of some more of its bingo clubs, this time one in Bristol, one in Sutton and the other in Aberdeen. The sale for the Bristol and Aberdeen clubs is expected to conclude in a few weeks time.

The Sutton Bingo Hall has already been sold to a former employee with the club, bingo manager Tom Lynch. He has extensive experience in bingo club operation, having served as the general manager of the Beacon bingo club before it was sold to Brian Mattingley. Currently working as bingo manager in an Irish club, he will take over control of the Sutton club once he is relieved from his post. Lynch has also been credited with the incredibly popular marketing campaigns at the Cricklewood based clubs for Beacon Bingo.

Post the Brian Mattingley sale, Simon Hannah had secured financial backing by banks for the rest of his bingo clubs in exchange of managerial control. However, the crippling economic recession, the newly introduced gaming legislations, and the hike in bingo taxes have all negatively impacted the fortunes of Riva Bingo’s clubs. Mr. Hannah now has four clubs left in under his umbrella. The fight for survival is on as he continues to cut costs to remain competitive in business.

The bingo tax hike announced in April’s Budget by Chancellor Alistair Darling has been the ultimate deal breaker for many bingo clubs. Bingo major, Gala Coral recently announced its decision to stave off or shut down more than 19 of its 160 bingo clubs. Trade quarters expect them to shed a further 40-50 bingo clubs considering the negative growth pattern for the group. With such dismal prospects, land based bingo clubs seem to desperately need government intervention if they have to tide over the economic crises. Considering, the number of bingo clubs in the UK that are shutting down, the government may need to rethink its decision of hiking taxes in such a scenario.

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