ICG explores sale of Britain's Buzz Bingo chain

Investment firm ICG is considering a sale of Buzz Bingo, which operates more than 75 clubs across Britain. Sky News and City AM reported on October 11 that Oakvale Capital had been appointed to advise on talks with potential buyers.

The chain is seeking an owner able to finance club modernisation and improvements to the customer experience. ICG acquired Buzz Bingo in March 2021 for an undisclosed amount. Both ICG and the chain declined to comment on the possible sale. No buyer, price or transaction timetable has been announced.

Buzz Bingo's revenue increased by 11% to £241 million in the 2025 financial year. The company linked its performance to growth in club attendance and online gaming. Half of its 190,000 new retail customers were under 35. It says younger customers are turning to bingo as an affordable option for a night out.

According to the company, refurbished clubs exceeded the chain's overall attendance growth by 20% and attracted 49% more new customers. Buzz Bingo also said attendance and revenue rose together for the first time since the indoor smoking ban took effect in 2007.

The search for a buyer comes amid discussion of raising Britain's machine games duty from 20% to 40%. City AM cited an estimate of up to £458 million in additional revenue. This is a proposal, rather than a tax change already in force. Buzz Bingo chief executive Dominic Mansour warned that the measure could threaten clubs' viability unless they were protected.

Entain chief executive Stella David has also warned about rising costs across the industry. The Ladbrokes owner, a member of the FTSE 250 index, linked plans to cut about 400 jobs to increasing expenses and industry pressures. David warned that a sharp tax increase could push players away from the regulated sector.