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In 2004 we provided funding to a management buy-in team to acquire Mayfair Bingo, an operator of six Riva Bingo branded bingo halls.
Why we invested:
Scope to make operational improvements through professionalising the existing business
Opportunity to grow through acquisition of individual, family owned bingo halls around the UK
Opportunity to open new sites based on a smaller footprint/smaller town model than the large dominant chains would consider
We sold the business in April 2006 realising a return on our investment of 2.3x.