ICG is exploring a sale of Buzz Bingo, the Great Britain club operator, in a process led by Oakvale Capital. No buyer, valuation or completed transaction has been confirmed.

Sky News reported on October 11, 2026, that ICG has appointed advisers to approach potential investors. Buzz Bingo operates more than 75 clubs across Great Britain and employs over 2,000 people.

Buzz Bingo is showing stronger customer and revenue figures, but investors must also price in the risk of higher taxation on gaming machines.

A sale process, not a completed deal

The process remains exploratory. Sources told Sky News that ICG is seeking investors able to provide fresh capital and support further growth. Buzz Bingo and ICG declined to comment.

ICG acquired Buzz Bingo from Caledonia Investments in 2021 for a nominal sum, according to Sky News. A previous sale process, advised by Nomura in 2023, was later abandoned.

Revenue is rising, and younger customers are returning

Buzz Bingo’s latest financial figures give potential investors a stronger starting point. Revenue rose 11% to £241.4 million in the latest financial year.

The company also added 190,000 new retail customers. About half were under 35.

City A.M. reported that refurbished clubs outperformed the wider estate on admissions growth and attracted more new customers. The figures suggest that investment in the in-club experience can broaden bingo’s appeal beyond its traditional customer base.

Why Machine Games Duty matters

The immediate tax risk is not a confirmed policy change. It concerns the possible impact of a higher Machine Games Duty rate on gaming machines used in bingo clubs and other venues.

For the 2026 to 2027 tax year, HM Revenue and Customs lists the duty at:

  • 5% for lower-cost machines.
  • 20% for machines with a maximum cost to play of £5.
  • 25% where the maximum cost to play exceeds £5.

These rates apply to net takings, not total customer stakes or company profit.

City A.M. reported industry calls for the 20% rate to rise to 40%, potentially raising as much as £458 million. That figure is an industry-linked estimate reported by the publication, not a confirmed Treasury measure.

Buzz Bingo chief executive Dominic Mansour has warned that a duty increase could force clubs to close and put jobs at risk. Those comments represent the company’s position, not an official assessment of future closures.

Bingo has gained one tax break, but not full protection

The tax picture is mixed. The government abolished Bingo Duty from April 1, 2026, describing the change as support for lower-risk gambling activities and bingo clubs.

HM Revenue and Customs published the policy on November 26, 2025. The change took effect on the stated date.

That relief does not remove Machine Games Duty from gaming machines. The two duties cover different taxable activities.

A club can therefore benefit from the removal of Bingo Duty while still facing higher costs if machine taxation changes. That distinction could directly affect the price and appeal of Buzz Bingo to potential buyers.

What the public licence register confirms

The Gambling Commission’s public register lists Buzz Group Limited with active non-remote bingo and gaming-machine licences, along with active remote bingo and casino licences.

The licence summary does not show that the company is under current enforcement action. The register covers Great Britain and should not be treated as evidence of licensing arrangements in Northern Ireland, the Channel Islands or the Isle of Man, which operate under separate frameworks.

The test facing investors

Buzz Bingo’s customer figures suggest that physical clubs can attract younger adults when operators invest in the experience. The 190,000 new retail customers offer a sharp counterpoint to the long decline that followed the 2007 indoor smoking ban.

But a higher machine duty could reduce the cash available for refurbishment, weaken individual site economics and make a sale harder to complete.

  • Confirmed: ICG is exploring a possible sale and has appointed Oakvale Capital.
  • Not confirmed: A buyer, valuation or completed transaction.
  • Financial context: Revenue reached £241.4 million, up 11%, in the latest financial year.
  • Policy risk: A higher Machine Games Duty rate remains a reported possibility, not a final measure.

For now, Buzz Bingo is trying to attract fresh backing while its clubs show signs of recovery. The next decisive factor will be whether the government changes machine taxation, and at what rate.