PRESS: ICG mulls sale of Buzz Bingo amid fresh budget worries - Sky

ICG PLC is consulting with bankers on options to sell its gambling business, Buzz Bingo, Sky News reported on Monday.

According to Sky News, ICG has appointed Oakvale Capital to advise on a possible sale of the gambling business, with sources close to the matter indicating that new investment could help boost growth.

The London-based alternative asset manager bought the bingo and slots company for a nominal sum back in 2021 from Caledonia Investments PLC.

FTSE250-listed Caledonia said its investment in Buzz Bingo was valued at nil, as of February 28, 2021, down from £22.0 million at September 30, 2020, as its physical bingo clubs took a major hit from COVID-19 pandemic restrictions.

More recently, Buzz Bingo Chief Executive Dominic Mansour criticised the UK government's plan to increase online gambling taxes, in a March interview with the Daily Mail's This Is Money.

The gambling sector is keeping a wary eye on new UK Chancellor John Healey's upcoming budget, and on the prospect of an increase in gaming duties, which could hurt the profits of physical bingo venues, as well as those operating slot machines.

ICG shares were down 0.4% to 1,801.00 pence each on Monday morning in London.

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