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Caledonia Investmnts (CLDN)

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Wednesday 17 March, 2021

Caledonia Investmnts

Disposal

RNS Number : 5662S
Caledonia Investments PLC
17 March 2021
 

Caledonia Investments plc

 

Disposal

 

Caledonia Investments plc ("Caledonia") announces that it has sold its shareholding in Buzz Bingo ("Buzz") to Intermediate Capital Group ("ICG") for a nominal amount. The Covid-19 crisis and the severe restrictions imposed by the Government on leisure sector businesses have led to Buzz's clubs being unable to trade for much of the past 12 months. Buzz was refinanced in the summer of 2020 as part of a company voluntary arrangement, in which Caledonia invested £22m. However, the third national lockdown has resulted in a further requirement for new capital.

 

Caledonia, having carefully assessed the available investment opportunity, chose not to participate in the latest fundraising and has sold its shares to ICG which, together with Barclays, have provided further capital to Buzz. The investment in Buzz was valued at nil in Caledonia's most recent net asset value statement as at 28 February 2021. A full portfolio trading update will be released in early April, incorporating the year end valuations.

 

Company contacts


Caledonia Investments plc

+44 20 7802 8080

Will Wyatt,


Chief Executive




Tim Livett,


Chief Financial Officer




Media contacts


Tulchan Communications

+44 20 7353 4200

Tom Murray


[email protected]




 

17 March 2021

 

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