Online casino content supplier Nektan has confirmed the sale of its UK facing B2C business. Commenting on the sale Nektan CEO Gary Shaw said that the company’s deal with Grace Media “is very reassuring to all stakeholders involved.”
The company has sold its UK B2C Business to Grace Media which is a part of the Active Win Group. The deal has been reportedly finalized for £200,000 ($262,400).
The casino content supplier also made two fresh appointments right before inking a deal with Grace Media. It appointed Mark Phillips and Julie Swan of PCR London LLP as joint administrators of group subsidiary Nektan (Gibraltar) Limited.
The company has said that its UK B2C business generated a turnover of £19.4 million for the year ended June 30, 2018. It said that its UK B2C operations were loss-making. The company has also said that the proceeds from the sale of the UK B2C business will be used to run the administration of NGL.
Commenting on the deal, Warren Jacobs, CEO of Active Win Group, explained: “The opportunity to acquire the UK B2C business allows Active Win Group to expand further into the UK online casino market, furthering our growth in this market from being a white-label operator ourselves, to working with the full complement of business partners established by Nektan in recent years.
“We believe that with the right focus and attention, in a changing and dynamic market, that we will be able to deliver for all our stakeholders, including all of our newly acquired white label partners.
“We look forward to working together with Nektan as our exclusive B2B partner as we grow the business in the coming years.”
The casino content supplier has said that its sale of the UK facing B2C business will not impact its B2B operations.
Gary Shaw, interim chief executive officer of Nektan, stated: “For the administrators of NGL to secure the sale of the UK B2C business to a group of the caliber of Active Win Group, in order to see the continued, uninterrupted delivery of the white label operation the group has built over the years, is very reassuring to all stakeholders involved.
“We look forward to working in partnership through the B2B relationship with the buyer as they take the business forward.”
Earlier, Nektan had not published its account for the year ending December 31, 2018, citing ongoing advanced talks concerning the sale of its UK B2C business. As Nektan failed to publish its accounts, its shares had stopped trading on AIM.