The bingo and casino operator Gala Group is a giant in the British gaming industry, with 6m members, 35m admissions a year, 193 sites and 10,000 employees. Its sales reached £462m in 2003 and the abolition of bingo duty should boost next year’s results. The company was created through a management buy-in from Bass in 1997. A float planned for last year was cancelled and then the owners, CSFB Private Equity and PPM Ventures, decided to sell the firm to Cinven and Candover. The £1.2 billion deal, the largest tertiary buyout in British history, took place in March last year.
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