23rd of December 2014 Author: Glo Wood
As part of the process to sell its retail business, Gala Coral sells 60 Bingo properties and 8 casinos with its property subsidiary Propco Three Limited (Propco).
Propco sold 47 bingo properties to M&G Investments and an additional 5 are soon to be sold for a consideration of GBP 173.4 million.
Gala Retail has signed leases to rent properties to M&G Investments.
"Today's announcement is good news for the Gala Coral Group as it further streamlines our financial structure,' said Paul Bowtell, chief financial officer for the Gala Coral Group. 'In addition, the move to current market rents on these clubs for Gala Bingo will enhance the profitability of the business'.
Gala Coral has 6 remaining properties that it expects to sell in the first quarter 2015.
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