UK independent retailer bingo operator Majestic Bingo entered administration due to concerns about its financial performance.
Majestic has been struggling since Covid-19’s lockdowns. The company employs 143 staff and operates eight clubs in England and Wales.
The lockdowns were historically profitable but they caused a significant drop in the number of admissions.
Majestic also suffered a major fire in its Spalding bingo hall, which was caused by faulty electrical wiring. This venue was a profitable one, but it never reopened.
The cost of living crisis, and the decline in disposable incomes for consumers since the end 2021 have also negatively impacted business.
Majestic stated that this led to a decline in its position and financial performance, along with a variety of cash flow challenges. The directors decided to put the company into administration.
Nomination of Administrators
Tim Bateson from Interpath Advisory and Chris Pole, of Interpath Advisory, were named joint administrators for the operator on July 7. The business will be run as usual, and the venues are still open. They’ll continue trading the business while exploring options to sell the assets and the company.
Administrators retained all staff to allow trade to continue.
Majestic Bingo Online Limited is a completely separate company and does not operate under administration. The online arm of Majestic will run as normal.
Bateson stated that “Majestic” is one of UK’s best-known independent bingo operators. However, the recent impact of the lockdowns and the rising cost of living has adversely impacted the company’s trading.
We will trade in the short term as we look for a buyer. Please contact us immediately if you are interested.
