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BIG BUSINESS FOR BOLTON BINGO MAN

03/01/2006

A businessman from Bolton has cashed in on the growing popularity of bingo by selling his chain of bingo halls.

Panico Panayi has sold his Buckingham Bingo business to Alchemy Partners for a massive £90 million, not a bad return for a man who opened his first bingo hall in Preston in 1970.

He eventually built up a chain of ten halls throughout the north-west, with 2.5 million players each year contributing to a £20 million turnover.

The bingo capture by Alchemy marks the second big bit of business they have finalised in a week, after forking out £42.5 million to take over the Revolution vodka chain previously owned by Inventive Leisure.

It will be interesting to see whether or not the company tries to entice bingo players with a vodka tipple while they play their favourite game.

But one thing that is for certain is that the drinks are on Mr Panayi after his bingo foresight 35 years ago paid off.

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