SBC News Voice of the Sports Betting Industry
In a move to increase its cash capital, London AIM-listed mobile gambling firm Nektan Plc has confirmed that it has sold three of its gaming brands to Buckingham HMB for a cash consideration of £1.75 million.
Agreeing on the sell-off, Nektan will transfer Chomp Casino, Spin Princess and Sapphire Rooms to the ownership of Buckingham HMB. Nektan governance maintained that the three brands would still operate under its Evolve white-label platform.
The three sold brands are reported to have generated a combined net gaming revenue (NGR) of circa £2 million.
Leigh Nissim, CEO of Nektan commented on the sale
“Since formally joining the company on 25 July, we have begun to refine our structure to bring tighter focus and to optimise our businesses in Europe and the US.
“As part of this process, the transfer of these brand assets coupled with the long term white label licensing agreement is a positive step forward for the business by providing additional working capital for the group while still benefiting from a share of the ongoing revenues of the brands.”
In its latest corporate update, Nektan governance has outlined that the company will look to reverse its financial performance following an executive restructure of the company in the first half of 2016.
