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Carlton plans £40m AIM listing
Scottish-based bingo group, Carlton Clubs (CC), has announced it is planning a £40m AIM float.
Carlton intends to enter AIM in order to capitalise on the expected relaxation of gaming laws.
The company will float a minority stake on AIM, which will provide a partial exit for its owners and new funds for the rollout of further bingo sites around the UK.
CC was formerly the bingo division of Taylor Clark and was acquired by the current management team in 1998 while a secondary buyout of the venture capitalist interest took place in 2002, when turnover was £20.2m.
Based on profitability, CC is the fourth largest bingo operator in the UK, currently operating 18 clubs across Scotland and the north of England and employing more than 500 staff.
The details of the listing will be revealed next month while the board of Carlton has also emphasised that control of the company will remain with them.
Members of the CC management team have all been with the business for an average of 20 years.
Peter Perrins, managing director, said: “We are entering a period of great change in our industry, with deregulation heading towards us at pace. We want to be in a pivotal position to capitalise on our strong position in this sector and seeking a listing on AIM will allow us to raise funds in a cost-effective way to support that.”
He added: “Following flotation, the management of the company will remain the same, retaining control of the company and its future direction.
“This move should not be viewed as route to exit for the directors. This is a company with a tremendous future in a dynamic sector and we want to be the team that leads it to even bigger and better things.”
The company is also to appoint Andy Irvine, the Scottish managing director of property consultant, Jones Lang LaSalle, as a non-executive director of the floated company. Details: www.carltonclubs.co.uk