Gala, one of the UK's foremost bingo operators, has dropped the idea of a float for now, following investor Permira's purchase of 30% of the company. Permira agreed to pay £200 million for their 30% stake in Gala.

John Kelly, Gala's Chief executive, said that the Permira deal valued the company higher than an IPO would have. The buyout valued Permira at £1.89 billion, about £700 million more than Candover and Cinven paid in 2003. While Kelly did say that the bingo operator would probably go public in the future, the indications are that any flotation plans are currently off the table.

Private equity backers Candover and Cinven have indicated a willingness to invest more in Gala, and Gala has begun looking for other high-ticket gaming and bingo companies to buy.