Arabnews24.ca:Friday 27 January 2023 08:00 AM: The Wall Street giant Morgan Stanley is to offload Britain’s biggest independent operator of high street slot machine venues.
Sky News has learnt that the bank, which owns GameNation through a fund that it manages, has hired bankers to kick off an auction of the business.
GameNation, which trades from 50 sites across the UK, was established by an experienced industry management tam with backing from North Haven Tactical Value Fund, a Morgan Stanley-managed entity.
According to one insider, the company is drawing up plans to form a digital partnership to complement its high street presence.
GameNation operates in the low-stakes segment of the regulated entertainment industry, with £2 maximum stakes and top jackpots of £500.
It has plans to expand further through the opening of new sites in the coming years, potential investors have been told.
One source said that GameNation, whose parent company is City Gaming, was likely to attract interest from gaming firms as well as private equity funds.
The company is run by Adam Hodges and Sina Azeri, its co-founders.
Global Leisure Partners has been hired to oversee the sale process, with initial bids due in March.
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Morgan Stanley and GLP declined to comment.
