The company behind the Buzz Bingo chain – formerly Gala Bingo – has slipped into the red in its latest financial year. The business is now buoyant following a major rebrand, which was supported by a £70m capital investment.
Caledonia Venus Holdings, which is headquartered in Nottingham, posted a pre-tax loss of £8.8m for the year to 12 January 2019 after making a pre-tax profit of £4.4m in the previous 12 months.
The company said exceptional items relating to its online launch and rebrand topped £13m.
Revenue also decreased from £276.3m to £264.3m over the same period.
A statement signed off by the board said retail trading was “challenging” due to “unusual weather” during the financial year.
It added: “The rebrand of 119 clubs across the country from Gala to Buzz Bingo was one of the largest physical corporate rebrands in recent years and coincided with the launch of a new complimentary online bingo operation, Buzzbingo.com.”
The rebrand took about three years to plan and was supported by a £70m investment.
A spokesperson from Buzz Bingo said: “2018 was an exciting year for Buzz Bingo, which saw the successful launch of our online business, buzzbingo.com and the rebranding of our 2.4m sq ft of retail estate.
“We continue to focus on delivering a great player experience across our 119 clubs and on buzzbingo.com and are delighted to have been recognised by a number of external awards this year.”
Buzz Bingo employs more than 3,500 people across 119 clubs.