When Carlton Bingo was seeking to fund rapid growth, like all of they had to approach their bankers. Carlton bingo operates out of North-east England and Scotland an in 1997 they were bought out by their management. The management team was backed by Dunedin, a private equity firm and the Bank of Scotland. Five years later management bought out the equity interest in the bingo group through another loan, this time from the well known Lloyds TSB.
Carlton Bingo Managing Director, Peter Perrins said that there were a number of banks who were interested in the deal at the time however Llloyds made them an offer they could not refuse, hence the reason for taking the loan from them to buy out the private equity holdings in the business.
Two years later Carlton bingo management went back to the bank, they again wanted to augment their holdings and purpose build two flat-floor bingo clubs, this needed an investment of ₤14 million and again Llloyds provided them with the funds as they had continued to meet their obligations on the previous debt. He suggeststhat all bingo operations should have good lasting relationships with their bankers. I agree!
Tags: bingo clubs, bingo operations, Carlton Bingo