Publicly-quoted Riva, the arcades and bingo hall operator in the UK, is reported to be very close to completing a restructuring. Owner Hermes Private Equity is disposing of virtually all of its equity in the group, which has 25 adult gaming centres and 13 bingo clubs.
The group was about to be taken over by its banks, the largest of which is the RBS, after disposing of its seven highest-losing bingo venues. Seven of those were among the eight acquired by Hermes when it bought Mayfair Gaming in early 2006 from Risk Capital Parners.
Riva chief executive Simon Hannah is leaving with the seven clubs which he has bought from Riva having paid what is thought to be a nominal amount for them.
Bingo generally in the UK has been badly hit by the smoking ban and the reduction in the number of £500 jackpot machines. Additionally, double taxation has been imposed on the industry by both Gambling Duty and VAT.
