Hermes to Formally Own Beacon Bingo

The Fund Management Group, Hermes' Private Equity Arm, is on the verge of buying Thomas Holdings part in Beacon Bingo, one of the successful bingo parlour chains all over the country worth over 80 million UK Pounds.

Just earlier this year, Hermes acquired Mayfair Bingo. The company and Thomas Holdings, which is the parent company of Beacon Bingo are on the middle of serious negotiations about the sale of Beacon Bingo to Hermes. Hermes edged out one of its closest rival in the bid for Beacon Bingo which is Macquarie, an Australian Bank.

It is certainly a change of Hermes' standing on the matter. Because just a few months ago, it was Macquarie, the Australian Exchange Bank who have been reportedly been closed sealing the deal of acquiring Beacon Bingo Parlour chain from its parent company, Thomas Holdings.

An agreement between the two is expected to be completed within a three week period time. Beacon Bingo handles the operations of three bingo clubs located in Northampton, Loughborough and Cricklewood from North London respectively. The latter branch is said to be the most profitable bingo club branch all over Britain.