Mon, 08 Dec 2014 | BUSINESS SALE
Cupid, the owner of dating website Uniform Dating and others, has announced its plans to sell its online dating businesses.
Based in Edinburgh, Cupid has confirmed news of a conditional agreement to sell its dating assets to Tradax IP Licensing; Together Networks Holdings and Together Networks.
The price attached to the assets is thought to be around £3 million. However, the business sale is still conditional on the shareholders' approval, which is expected to be given at the general meeting due to be held on 23 December.
George Elliott, Cupid's chairman, said that the sale was prompted by a number of “fundamental changes in the dating market”. He added: “The Board believe that today's announcement represents the solution which protects the best interests of shareholders, by providing much greater certainty over the Group's cash balances and deferred consideration and removing substantially all costs from the Group.
“The Company will effectively become a well capitalised cash shell with approximately £18 million that can be utilised for new opportunities in line with our proposed investing policy or returned to shareholders."
Cupid was founded in 2005 by Bill Dobbie and Max Polyakov. The business grew rapidly and several million users took advantage of their services for online dating. Among the main sites owned by the business are cupid.com, speeddater.com and flirt.com.
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