THE owners of bingo hall chain Gala yesterday announced its second financial restructuring in less than a year.
The £1.3bn refinancing is part of a wider overhaul valuing the company at £1.89bn, including debt, and comes after the group reportedly abandoned a bid to float on the stock market earlier this year.
A new investor, Permira, will join Gala's two private equity owners, Candover and Cinven, which backed a £1.24bn purchase of Gala in March 2003.
Private equity firm Permira is to pay about £200m for a 30 per cent holding in the company.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article