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Majestic Bingo Limited Brings in Administrators
Tim Bateson and Chris Pole from Interpath Advisory have been appointed joint administrators to Majestic Bingo Limited.
Majestic Bingo is an independent operator of retail bingo, operating eight clubs across England and Wales and employing 143 people at the time of the appointment of the administrators.
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.
A statement from the administrators added: “Consequently, the financial performance and position of the group has declined in recent years, leading the company to experience cashflow challenges.
“As a result, and despite their best endeavours, the directors resolved to place the company into administration.”
Following their appointment, the joint administrators will continue to trade the business and all eight venues as a going concern while they explore options for a sale of the business and its assets.