Wed, 13 Oct 2010 | BUSINESS SALE
Online betting group Leisure & Gaming has confirmed that whilst it is looking to sell trading subsidiary Betshop Group (Europe) Limited, it is not putting the whole company on the market.
A statement released by the company said, “The company confirms that it is in discussions re the sale of its trading subsidiary, Betshop Group (Europe) Limited only and is not seeking or expecting any offers for Leisure and Gaming plc.”
The company has been suffering financial problems for the last few months and trading in L&G shares has been suspended since May of this year while the company seeks to resolve these cash flow difficulties.
The firm also announced that a possible share purchase agreement with Grupo Pefaco was unlikely and terms of exclusivity with Pefaco have expired without renewal.
Expressions of interest have been received for the Betshop business since the expiry of the exclusivity period, despite the firm still being in talks with Perfaco.
Administration was still possibly looming on the horizon, the company admitted.
“While that remains a real possibility, following demand for repayment by the company's bankers on 6 October 2010, the company is working to see if a solvent solution can be achieved avoiding administration,” it said.
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