Cashcade: To Float or not to Float?

14 February 2008

Cashcade Ltd., a company that bills itself as "the United Kingdom's leading gaming marketing company," is thinking about a public offering or sale. Owner of, and, the company also claims to be the second largest operator of bingo sites in the United Kingdom, behind only Gala.

Chairman Michael Buckley told The Telegraph that Cashcade saw £25 million in gross gaming revenue last year and expects to see more than £40m this year.

"Within the next 12 months we will be looking to monetize the shareholder value in the company in one way or another," said Buckley. "I would be disappointed if it would be worth less than £100 million."

Buckley says Cashcade has begun receiving takeover approaches. It has yet to appoint advisers, however.

Cashcade was established by directors Simon Collins and Patrick Southon in 2000. Buckley joined them shortly after. Management owns roughly 32 percent of the business.

Other major shareholders include its second-largest, Independent News & Media, which owns the Independent, and London property group Mountgrange. Mountgrange holds an 18 percent share.

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