This week, Buzz Bingo announced its plan to close bingo halls in the United Kingdom. The company has been hit hard by the COVID-19 pandemic, with as many as 573 employment positions affected. The venue will use a company voluntary arrangement to start a rescue restructure to be able to leave the unwanted properties and stop paying rent.
Details of the Closure:
Caledonia Investments is the owner of the bingo company. They have plans to use £22m in extra money as part of the restructuring deal. The lenders of the firm will provide an additional £10m in new debt. Landlords as well as other creditors of the company will vote on the restructuring plan. The plan includes shutting down venues in Milton Keynes, Bournemouth, Wolverhampton, and Carlisle by early August.
Clubs will be closing in several areas aside from these four, including Hereford, Chorley, Antelope Park, Salford, Edinburgh Westerhailes, Stockland Green, Worcester, Wednesbury, and more.
Hit by CovidL
Buzz will reopen 91 bingo halls starting on August 6. These sites had been shut down due to Covid-19. The company pointed out that when the venues opened back up, it would take time for the number of visitors to return to normal as physical distancing is still needed.
The company employs 3,400 individuals, most of which were furloughed based on the job retention plan of the government. Chris Matthews, Buzz Bingo chief executive, commented that after the company reviewed its options, the proposed CVA will allow the retail portfolio to be restructured to ensure that the company is well-positioned for growth to return while at the same time adapting to the new environment as clubs start to reopen.
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