Tue, 07 Nov 2017 | BUSINESS SALE
A London-based gambling company is hoping to be snapped up by an interested buyer after reporting a big jump in revenues for the past quarter.
Sportech, which specialises in sports betting and gambling technology, has taken in revenues worth £54.7 million in 2017, marking an annual increase of 5.8 per cent. In the third quarter of the year alone, revenues has surged by six per cent.
The growth was propelled by an app called Bump 50:50, which is used by American Football teams, as well as US baseball and basketball leagues to manage charity raffle programmes, increased revenue by 41.5 per cent year-on-year, too.
Sportech said its plan for further growth was to expand the range of its partnerships for the app across Canada and the US.
The London firm also operates a venues business which maintains retail betting locations and sports bars with gambling facilities.
Following approaches from unnamed potential buyers and a consequent strategic review, Sportech is sounding out deals from interested buyers around the world and has invited more offers from interested parties.
The firm’s chief executive, Ian Penrose, and CFO Mickey Kalifa are both slated to leave Sportech in December, the firm also announced, with no replacements currently planned.
Richard McGuire, Sportech’s non-executive chairman, said that trading had continued to go well in the first few weeks of the current quarter and the board expected the marketplace to continue supporting this into the end of the year.
He added: "During the coming weeks, we expect to provide a further update on the proposed distribution to shareholders and, at the appropriate time, provide further comments relating to the ongoing formal sale process. Our financial position remains robust, and will benefit further from annualised cost savings of at least £2m."
Find a business for sale
Subscribe to Business Sale Report
Offers an extensive range of specialist property development solutions. Provides a multitude of security systems, including installation and maintenance. Works with circa 140 active clients, 85% of whom provide repeat business. Offered for sale to fa...
FREEHOLD
Company 1: High-end designers and makers of furniture and kitchens to both private individuals, and commercial clients. Fully bespoke and high value work. Company 2: A highly recognised brand, sheet materials cut to size, edge-banded and spray finish...
LEASEHOLD
Supplies a range of products, including crates, beds, leads and toys to private and trade customers across the UK and internationally. The company owns the full product ranges and IP for brands of dog identification tags which can be engraved in-hous...
LEASEHOLD
|
31
|
|
Mar
|
Coronavirus Business Interruption Loan Scheme to cover business acquisitions | BUSINESS NEWS
The UK government has launched the Coronavirus Business Inte...
|
30
|
|
Mar
|
Tech group The Panoply acquires consultancy firm Ameo | BUSINESS SALE
Business consultancy firm Ameo has been acquired by AIM-list...
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
31
|
|
Mar
|
Coronavirus Business Interruption Loan Scheme to cover business acquisitions | BUSINESS NEWS
The UK government has launched the Coronavirus Business Inte...
|
30
|
|
Mar
|
Tech group The Panoply acquires consultancy firm Ameo | BUSINESS SALE
Business consultancy firm Ameo has been acquired by AIM-list...
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources