CARLTON Clubs, the bingo operator that recently abandoned plans for a flotation on the Alternative Investment Market, yesterday said it had struck an £18m deal with Lloyds TSB Scotland for funding to support the company's growth strategy.

The Inverness-based company needs the money to fund the construction of two bingo clubs. Carlton has already purchased sites in Inverness and Dunfermline for the construction of new premises.

After lengthy planning battles – particularly in Inverness – the group has secured planning permission to build bingo venues in both cities.

The company said Lloyds TSB Scotland will now provide development capital for the building and fitting-out of clubs at Fife Leisure Park in Dunfermline and at Beechwood in Inverness.

A spokesman for Carlton said that Highland Council had only approved detailed planning permission for the £5m Inverness development last Monday. Both clubs are due to open next summer.

The company also said it was investigating a number of potential sites for further development. Carlton, which is one of the largest private operators in the UK, had planned to float on AIM with an estimated value of £40m. However, it abandoned the plans in July "in favour of raising the money elsewhere", the spokesman said.

Carlton Clubs, formerly Caledonian Associated Cinemas, was the subject of a management buy-out in 1998 backed by Dunedin. It had sales last year of around £21m and made pre-tax profits of £2.8m.
The company employs 500 people in 18 clubs in Scotland and north-east England.
CARLTON Clubs, the bingo operator that recently abandoned plans for a flotation on the Alternative Investment Market, yesterday said it had struck an £18m deal with Lloyds TSB Scotland for funding to support the company's growth strategy.
The Inverness-based company needs the money to fund the construction of two bingo clubs. Carlton has already purchased sites in Inverness and Dunfermline for the construction of new premises.
After lengthy planning battles – particularly in Inverness – the group has secured planning permission to build bingo venues in both cities.
The company said Lloyds TSB Scotland will now provide development capital for the building and fitting-out of clubs at Fife Leisure Park in Dunfermline and at Beechwood in Inverness.
A spokesman for Carlton said that Highland Council had only approved detailed planning permission for the £5m Inverness development last Monday. Both clubs are due to open next summer.
The company also said it was investigating a number of potential sites for further development. Carlton, which is one of the largest private operators in the UK, had planned to float on AIM with an estimated value of £40m. However, it abandoned the plans in July "in favour of raising the money elsewhere", the spokesman said.
Carlton Clubs, formerly Caledonian Associated Cinemas, was the subject of a management buy-out in 1998 backed by Dunedin. It had sales last year of around £21m and made pre-tax profits of £2.8m.
The company employs 500 people in 18 clubs in Scotland and north-east England.
CARLTON Clubs, the bingo operator that recently abandoned plans for a flotation on the Alternative Investment Market, yesterday said it had struck an £18m deal with Lloyds TSB Scotland for funding to support the company's growth strategy.
The Inverness-based company needs the money to fund the construction of two bingo clubs. Carlton has already purchased sites in Inverness and Dunfermline for the construction of new premises.
After lengthy planning battles – particularly in Inverness – the group has secured planning permission to build bingo venues in both cities.
The company said Lloyds TSB Scotland will now provide development capital for the building and fitting-out of clubs at Fife Leisure Park in Dunfermline and at Beechwood in Inverness.
A spokesman for Carlton said that Highland Council had only approved detailed planning permission for the £5m Inverness development last Monday. Both clubs are due to open next summer.
The company also said it was investigating a number of potential sites for further development. Carlton, which is one of the largest private operators in the UK, had planned to float on AIM with an estimated value of £40m. However, it abandoned the plans in July "in favour of raising the money elsewhere", the spokesman said.
Carlton Clubs, formerly Caledonian Associated Cinemas, was the subject of a management buy-out in 1998 backed by Dunedin. It had sales last year of around £21m and made pre-tax profits of £2.8m.
The company employs 500 people in 18 clubs in Scotland and north-east England.