Nektan Sells United Kingdom’s B2C Business for a Whopping £200,000

Home » Nektan Sells United Kingdom’s B2C Business for a Whopping £200,000

Nektan – one of the leading online gaming platform operators in the gaming industry – recently made an announcement to a number of people have been waiting for. They disclosed to the press who have been eagerly waiting to hear news that they have finished the sale of their United Kingdom B2C (Business to Customer) business. The business was sold for a sum of £200,000 (which is equal to $262,969 and €236,374).

According to news reports obtained from European Gaming, this surprising move is a significant part of the general restructuring process the company plans to undergo in the New Year.

In the statement released to the press, Nektan gave explicit details that they have sold their Business to Customer business to Grace Media Limited. The deal also included entering into a Business to Business partnership with Grace Media LTD.

According to the company, it will ease the delivery of Business to Business services to the white label partners of Nektan. By going down this route, Nektan will still get royalties every month.

In a statement given by Gary Shaw, interim chief executive officer of Nektan, he disclosed details about the deal that all stakeholders involved in the process are entirely reassured since they have developed the Business to Business relationship.

The plan to sell their Business to Customer platform had been anticipated for a long time. In December last year, they stated that they were very close to coming to an agreement to sell off the branch.

On the other hand, they were also preparing to launch about twenty new websites before the month comes to an end. This move comes at a time when the reorganization of the company has gotten to a very advanced stage. The company is looking for ways to not only change its operations but to also clear off dead wood and make way for more efficient operations that would lead to better profit margins.
Not too long ago, Nektan was suspended from performing any activity as regards trading on the stock exchange in London. That was not the only offense the company has been punished for so far, they had also infringed on other rules before 2019 came to an end.

They were found guilty of failing to publish their financial accounts before the end of last year, which is stipulated by law. They previously gave reasons for not doing this and they stated it was because of the ongoing restructuring that was going on in the company and the process was already far gone. This reason did not go down well with the stock exchange as they were subsequently punished.

Source: https://europeangaming.eu/portal/latest-news/2020/01/10/61496/nektan-sells-uk-b2c-business-for-200000/

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