Gambling group Gala Coral is reportedly considering putting its bingo clubs, including two in Bradford, up for sale for more than £250 million as it readies itself for a stock market flotation.

The group is poised to appoint an investment bank to lead a strategic review of the company, which is likely to recommend offloading the 140-strong Gala Bingo chain to pave the way for a listing, according to a national newspaper.

The chain includes Bradford bingo clubs in Bridge Street and Tong Street.

Speculation has been mounting over Gala’s plans for a flotation, which could see the group valued at more than £2 billion.

But Gala is understood to have a number of headaches to resolve ahead of any initial public offering, with its bingo arm having struggled amid difficult recent trading.

Figures for its third quarter to July 6 showed Gala Bingo’s underlying earnings dropping by more than a fifth, down 21 per cent to £11.9 million as admissions fell six per cent.

Trading is unlikely to have been helped since then due to the hot summer weather.

Despite the trading woes, Gala has reportedly already received unsolicited approaches from private equity firms for the bingo business.