Brian Fraser – the entrepreneur and owner of three bingo clubs under the Club 3000 label appears to have beaten off competition from the likes of Praesepe; (owners of Beacon Bingo) and is poised to become the new owner of Buckingham Bingo, you have heard of Bucky Bingo perhaps? This is the online site of this UK bingo industry which is one of the largest operations in the North of England.
Before setting out on his own in the big wide world of British bingo the 52 year old Fraser was in fact a Mecca Bingo worker. However it is rare that bingo workers get rich – there are not many Paul Raymonds’ in the UK; so Fraser made his money where most lasting wealth is made, in commercial and residential property. Judging by the death knolls we are constantly hear regarding the British bingo industry, we take our hat off to Fraser because he is taking serious risk. He is much admired in this industry and so pundits believe that if anyone can do it, he can!
Founded in 1970 Buckingham Bingo was launched at the peak of this games popularity by Bolton businessman Panico Panayi. He went on build a chain of ten of these clubs which he sold to Achemy Partners in 2005 for £90million. The value of this company has diminished to such a degree that Alchemy was forced to write-off its entire stake and allow debt holders Barclays Ventures to take control. Barclays Ventures also wrote off £24million debt in exchange for equity with parent company Full House Acquisitions. In September 2010 Barclays hoisted the “For Sale” sign and KPMG has been seeking a buyer.
In the meantime live brand Carlton Bingo reports profits that have increased tenfold so the business is definitely out there, its purely a case of getting peoples bums into the bingo seats. They are also based in Northern England and posted profits of £6.2 million – up from £650 000 on the previous year and helped by the recovery of £3.6 million in overpaid VAT. This company is owned by its management company and perhaps that is what makes the difference
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