Wed, 24 Sep 2014 | BUSINESS SALE
Internet dating firm Cupid is to undertake a review of its options with a view to possible asset sell offs. A sale of the entire company is not being considered.
The Edinburgh-based company behind Uniform Dating wants to put a stop to its “cash burn”, having reported £2.8 million in losses for the first six months of 2014 down from £3.3 million losses for the same period last year.
Group chairman George Elliot said: “At this stage, all options available to the company are being considered including further cost reductions and the disposal of certain subsidiaries or assets.”
The company took steps to improve things last year, with disposals including benaughty.com and flirty.com. It also replaced its chief executive and declared that its focus for 2014 would be “to complete the recovery phase for the dating business”.
It plans to take its Uniform Dating site into the USA and mobile site Tangle into the UK next month in an effort to claw back business from the likes of Tinder, a rival dating site that allows smartphone users to see other singles within a small radius and contact them instantly.
The rise of technology use in the dating market is squeezing more traditional forms of online dating not so easy to use on mobile phones.
“The rate of change in the dating market is accelerating as applications like Tinder build significant value, gaining share and putting pressure on traditional models,” Mr Elliott added.
Cupid’s management expects the company to be cash generative in the last three months of 2014, boosted by the proceeds from the asset sales, and cost reductions.
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