Are Majestic Bingo Clubs Going Bust?
Avid bingo players may have heard the unfortunate news that Majestic Bingo, one of the UK’s best known independent bingo clubs, has entered administration. Not sure what that means for you? We explain what’s going on and how it may all shake out…
Who are Majestic Bingo?
Majestic Bingo only launched in 2014, after taking over the premises of Apollo Bingo clubs up and down the country. At times over the last decade, they’ve operated almost 20 bingo halls across England and Wales, earning them the prestige of being the UK’s number one independent bingo hall provider.
However, changing consumer habits which were turbocharged by the pandemic, has made market conditions increasingly difficult. There are currently only eight Majestic Bingo halls in operation, a situation made worse by the closure of the Spalding, Lincolnshire club in 2021 (which is also where the business is based). The highly profitable English club was burnt down after an electrical fire and has still not reopened; emblematic perhaps of the company’s fortunes.
Majestic had reported two consecutive years of pre-tax losses which led them to take the difficult decision in June 2023 to bring in the administrators. Tim Bateman and Chris Pole of Interpath Advisory will explore potential options for the business, which will likely include trying to find a buyer for Majestic’s key assets.
Have Majestic Bingo gone under?
The answer is almost. The company has deemed their own financial position as untenable and unsustainable. The administrators’ job is to find a buyer for the company to reinvigorate it. If a buyer is not forthcoming, then they may have no other choice than to dissolve the business.
Are Majestic Bingo clubs still open?
As of July 2023, the clubs will continue to operate according to the administrators. The aforementioned administrator, Mr. Tim Bateson, said in a statement:
“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.”
If any of our readers happen to be a savvy business person looking to expand their portfolio into British bingo clubs, then this could be your opportunity!
What about the online version of Majestic Bingo?
Interestingly, Majestic Bingo online is not affected by the travails of the bricks and mortar company. Even though they share a website, and information about the clubs is included just tabs away from online bingo and slots, they are operated separately. Majestic Bingo is a Dragonfish/Broadway platformed site which will continue to operate.
In the meantime, Majestic’s 8 clubs will stay open so if you’re already a frequenter then you can continue to do so. However, the future is by no means secure. Fans of the franchise will no doubt hope a buyer will come along soon to snap up the ailing business and turn its fortunes around. This is Majestic’s only path and even then, a new buyer may come in and completely rebrand.
Leave a comment below if you’re a concerned Majestic Bingo fan. Any thoughts and ideas welcome!