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
Very long established and profitable wholesale business. There is a healthy base of active repeat clients and the business has an excellent reputation. The location and premises suit the business perfectly with a small sales office, and a third party...
Extremely successful & exciting entertainment Business, the highest review rated of our kind in the World. Performing to over 600 events this year and growing you will find a fast growing business to take to an even higher level. Looking for somethi...
WEB-BASED
Long established motorcycle business. For over 25 years this highly regarded motorcycle training brand has offered training and testing services for motorcycles. The business is also a successful branded franchise dealer. They sell a well-known brand...
|
16
|
|
Sep
|
Cheshire-based SRL Traffic Systems completes MBO | MBO/MBI
SRL Traffic Systems, a manufacturer and supplier of portable...
|
13
|
|
Sep
|
AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headqua...
|
12
|
|
Sep
|
Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE
Healthcare communication specialists, Lucid Group, has succe...
Sign up to receive our acquisition alert emails to get your FREE guide
|
16
|
|
Sep
|
Cheshire-based SRL Traffic Systems completes MBO | MBO/MBI
SRL Traffic Systems, a manufacturer and supplier of portable...
|
13
|
|
Sep
|
AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headqua...
|
12
|
|
Sep
|
Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE
Healthcare communication specialists, Lucid Group, has succe...
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