The investment trust which owns Buzz Bingo has presented shareholders with interim financials that detail its fund having increased net assets by nearly 10 per cent since the beginning of the pandemic.
Buzz Bingo has had an inevitably rough year: announcing in July that it would be permanently closing 26 of its 117 retail clubs in an effort to balance its books – making 570 employees redundant in the process. Simultaneously however, Caledonia Investments, which has owned Buzz Bingo since 2015, declared that it would be sinking £22m in new equity in order to keep Buzz safely afloat.
But if Caledonia’s latest financials are anything to go buy, it was necessary money the firm could well afford. Stats for the six months ending September 30 show Caledonia increasing its net value to £1.96bn, with a 10.4 per cent share return for its investors.
“A diverse portfolio of high-quality investments is central to our long-term approach,” remarked Caledonia’s chief executive Will Wyatt. “The pressures of 2020 have shown the benefits of this strategy, which has helped to mitigate the worst effects of the Covid-19 pandemic and largely protected shareholders’ capital from much of the volatility seen elsewhere.”