Gala Coral Group planning for stock market listing
Despite massive losses one of the major providers of online bingo and gambling has announced its intention to launch on to the British stock market within three years.
As reported recently a lending restructure could see the current total debt of £2.6 billion reduced by £750m. The restructure would result in the lenders, including Goldman Sachs and Cerberus having total control and the existing private equity owners, including Permira and Cinven, being frozen out, which they are far from happy about.
The Executive Chairman of the Gala Coral Group, Neil Goulden, told the Daily Telegraph newspaper recently;
“It is 99.9 percent certain that this deal will be agreed...Documents will be sent out tomorrow and are expected to be signed and returned by April 1.”
However he did state that the strategy was not without risk from the actions of the outgoing private equity firms that will be out of the money and are being sidelined.
“If they do not play ball, we will be forced to put the company into a pre-pack administration,”said Goulden.
That would be a shame as he also points out that Gala Coral Group -
“.. have out-traded Ladbrokes, William Hill and Rank, making £335 million of profit last year. I see no reason why we will not be able to meet our timetable for going public.”
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