Buzz Group, which changed its name from Gala Leisure in September 2018, show the company’s revenue dropped from £360.7m between 27 September 2015 to 14 January 2017 to £267.8m up to 13 January 2018.

Its pre-tax profits also dropped from £19m to £13.6m.

During the year, the company reported 11.9 million admissions to its bingo clubs.

A statement signed off by the Caledonia Venus Holdings board said: “Following the successful transition in 2016 of the Gala retail business from a division of a large corporate to a full independent, standalone operation, the business primarily focused in 2017 on building the foundations for the future.

“With significant ongoing investment of £38.5m over the last 25 months in infrastructure, it is now well placed and embarking on a strong strategy for the future centred around its customers’ needs.

“The recent investment, combined with the investment planned over the next two years will position the group onto a stronger competitive platform.

“It will continue its focus on delivering a customer centric model and invest in the full customer journey that appeals to existing customers and new customers alike.”