143 jobs at risk as bingo operator calls in administrators
One of the largest independent bingo operators in the UK has called in administrators from Interpath Advisory.
On June 27, TheBusinessDesk.com exclusively revealed that Majestic Bingo Limited had posted a notice of intention to appoint administrators on Tuesday (27 June) via Irwin Mitchell solicitors.
Now, Tim Bateson and Chris Pole from Interpath Advisory have appointed joint administrators to the firm.
Majestic Bingo is headquartered in Spalding and has a support office in Mansfield. It currently operates eight retail bingo venues across the UK, including the popular Roman Bank in Skegness and three clubs in Wales. It employed 143 people at the time the administrator was appointed.
Although historically profitable, the company was adversely impacted by lockdowns during the COVID-19 pandemic which caused significant reductions in admissions which have since failed to fully recover.
In May 2021, the company’s bingo hall in Spalding, which was a profitable venue, suffered a serious fire as a result of an electrical fault and subsequently never reopened.
More recently, the cost-of-living crisis and the fall in disposable incomes seen across the UK since late 2021 has also adversely impacted the business.
Because of this, the financial performance and position of the group has declined in recent years, leading the Company to experience cashflow challenges.
The joint administrators say they will continue to trade the business and all eight venues as a going concern while they look to sell the business and its assets. All members of staff have been retained by the administrators to enable trade to continue.
The joint administrators have confirmed that they will honour customers’ Electronic Bingo Terminal (EBT) funds and any valid gift vouchers for the period whilst trading continues.
Tim Bateson, director at Interpath Advisory and joint administrator, said: “Majestic is one of the UK’s most recognisable independent bingo operators, but in recent years has seen trading adversely affected by the impact of lockdowns during the COVID-19 pandemic, as well as the cost-of-living crisis. We will continue to trade the business in the immediate term while we seek a buyer for the business, and would encourage any interested parties to make contact with us as soon as possible.”
Majestic’s online business, Majestic Bingo Online Limited, is a separate entity which is not in administration and continues to operate on a solvent basis as usual.
