Riva Bingo clubs has sold more than half of their bingo clubs to a former Gala Bingo executive.
Brian Mattingley has bought three Beacon Bingo clubs and three more clubs from Riva Bingo for an undisclosed sum.
The Beacon Bingo clubs Mattingley has bought are in Loughborough, Northampton and Cricklewood. He has also bought the Hippodrome Bingo club in Lowestoft plus two additional Riva bingo clubs, which are expected to be rebranded.
Brian Mattingley, 54, was Chief executive of Gala Regional developments until 2005 and is now a non-executive director and deputy chairman of 888.com, who run 888Ladies alongside other massive online gambling operations.
Riva Bingo, who were struggling under a mountain of debt imposed on them by their private equity owners, will continue to be run by Simon Hannah. It is understood the deal will mean Riva Bingo's profits will be able to pay their interest on their debt comfortably.
Mattingley has picked up Beacon Bingo for far less than it was sold in August 2006. Then the Thomas family sold Beacon Bingo for £80 million to Riva Bingo, who were backed by Hermes Private Equity. The deal also ends any speculation that Riva Bingo might merge with Buckingham Bingo.
