Leisure & Gaming Sells Profitable Poker BusinessEmbattled Gaming Group Goes Into Administration With Italian Business Sold |
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Publicly-quoted online gaming group Leisure & Gaming has been forced into administration with its main asset, Italy’s Betshop Group, sold for a cut-price £1 million to Honeymead Services.
The company’s shares were suspended in May and the move into administration this week comes after the proposed £5 million sale of Betshop to Spain’s Grupo Perfaco fell through.
A statement from the administrators said, “The short timescale to disposal was dictated by the group’s critical cash position that required an injection of circa €3m, which included €1.5m as working capital into BSG, €0.5m into the Company to deal with immediate creditors and €1m to the bank who had issued demand for repayment. €450k of sports betting losses were incurred in the week ending 17 October 2010, further compounding the cash position in BSG.”
Betshop Poker had been a jewel in the company’s crown with around 13,500 regular players and gross online poker rake of €6.6 million.
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