Just a short few months ago the Casino Red development in Huddersfield was opened in a blaze of glory with the £5 million venture set to herald a new era in the UK casino sector. However, just eight weeks after the casino doors were open to the public the company encountered financial difficulties and was forced to suspend trading for 30 days as the company directors tried to organise additional finance. Quite how the company’s finance position deteriorated so quickly is a mystery but apparently the group is still working on a potential new investment plan.
Unfortunately for the 100 staff at the Casino Red their jobs still hang in the balance as two months down the line there has been no news regarding new funding and as we all know the UK investment climate has become more clouded of late. Corporate banking in the UK is literally on its knees with liquidity at rock bottom and the majority of UK banks unwilling to take any significant risks.
Apparently the management of Casino Red have informed members of staff that they are currently in talks with a potential new investor although nothing has yet been agreed. It would appear on the surface that time is running out for Casino Red as the ongoing UK economic downturn continues to hit the casino sector.
Just a short few months ago the Casino Red development in Huddersfield was opened in a blaze of glory with the £5 million venture set to herald a new era in the UK casino sector. However, just eight weeks after the casino doors were open to the public the company encountered financial difficulties and was forced to suspend trading for 30 days as the company directors tried to organise additional finance. Quite how the company’s finance position deteriorated so quickly is a mystery but apparently the group is still working on a potential new investment plan.