Buzz Bingo to acquire two Merkur bingo halls
The halls are located in Cricklewood and Northampton, UK.
Buzz Bingo says it is in advanced discussions to acquire Merkur bingo halls in Cricklewood and Northampton, two of the largest in the UK.
The move follows successful performances this year, having reported revenue growth of 47% in October in its first full trading period post-Covid, making a gross profit of £137m ($167m) and revenue of £195m. For 2023, the bingo brand found that it had increased retail revenue by 5% and online revenue by 31%, with EBITDA up 14%.
Buzz Bingo has also recently decided that it will be relocating its digital business to Gibraltar.
The two clubs have been in operation for over 25 years. In particular, the Cricklewood club hosts 410,000 players annually, has 3,500 winners monthly and won a Guinness World Record for the highest single bingo house prize. This property will be the largest in Buzz Bingo’s portfolio.
Bingo has become increasingly popular among young people in the UK, as has been seen by several recent initiatives by Mecca Bingo, including free line-dancing sessions and its Loose Women-themed scratchcards, made in partnership with ITV. This was further proven by Buzz Bingo’s October report, which found that half of its new retail customers were 35 and under.
As Buzz Bingo Chief Executive Dominic Mansour said: “Bingo in the UK is having a renaissance.”
On the acquisitions, Mansour added: “Following a period of stabilisation for the business, it is now thriving and we are delighted to be acquiring these two leading bingo clubs following a year of strong performance. With demand for Bingo growing… Buzz Bingo is positioning the business for accelerated growth, which is the key rationale behind our decision to move our Digital business to Gibraltar.”
The bingo brand has had some hiccups this year, it must be noted, with its Halloween ad being ruled as in breach of advertising code by the Advertising Standards Authority (ASA) in January. However, Buzz Bingo also partnered with Future Anthem later that month to bring new personalisation features to its products.
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