Cashcade Looking to Sell

Cashcade is the operator of Foxy Bingo which is the second largest bingo website in the United Kingdom. The company is looking to ‘monetize shareholder value’ according to a Gaming Intelligence report.

They are looking at an IPO of shares or an outright sale of the business, says Chairman Michael Buckley who says they will consider an offer from either a competitor or from a private equity firm. The company also operates GetMinted, Mirror Bingo and Think Bingo which are also based on software by IGT and 888 Holdings. One of their current shareholders is the Dublin based Independent News and Media Plc. Mountgrange, a London-based property company also owns about eighteen percent.

The company has a predominantly female base of more than 800,000. It targets women of twenty-four and over for its market and has revenues of more than ₤40 million for the year. The company has been experiencing good growth, mainly due to the fact that broadband access is more readily available in the UK and the smoking ban has caused many players to switch to online play. In addition, the company provides online gaming services for various clients like Trinity Mirror.

Mr. Buckley says the company has received offers in the past but they have been too low. He figures the business should be worth at least one hundred million pounds and feels that the time is right for the company to sell since business has been so good for them.

Cashcade Looking to Sell

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