INDUSTRY
Carlton Bingo, a leading operator of bingo clubs across Scotland, is pleased to announce the transfer of ownership to their more than 200 staff through establishing an Employee Ownership Trust (EOT), with Avondale leading the process every step of the way.
Formed in 1998 through a management buyout of the bingo interest of Taylor Clark Ltd, Carlton Bingo is a substantial leisure group operating 10 bingo sites with a nationally recognized brand.
The business has always had a strong culture of reward and inclusion and when the shareholders – who already stepped back from the business – were looking for an exit, establishing an EOT was the first choice, allowing them to maintain the family feel of Carlton Bingo and reward their loyal employees.
The complex business required detailed finance and funding structure, consultancy and expert handling to ensure successful transition. The ultimate deal has achieved a significant exit value for the shareholders, whilst securing the future succession of the business in the hands of their team.
