Fri, 05 Nov 2010 | DIVISION SALE
NetPlay TV is seeking potential buyers for its bingo assets as part of a restructuring drive to bring the business back to profitability, and after a recent share placing raised £2.5 million.
The firm is looking to dispose of its 'Bingos' operating business together with several domain names including Bingo.it, which is thought to be worth £1 million.
NetPlay TV bought the business for £6.2 million from Global Gaming Entertainment in early 2008. It is also looking for local marketing and licensing partners for its Spanish and Italian operations.
The disposal will enable NetPlay to focus its efforts on its main activities, namely its online and interactive TV casino. Chairman Clive Jones commented: “We believe a renewed focus on its core ‘live’ casino products will allow the business to return to a sustainable profitable state.”
For the first six months of 2010, the bingo activities contributed just £1.7 million to the firm’s overall £11 million turnover. The firm also reported a pre-tax loss of £7.9 million for the same period.
Its brands include Challenge Jackpot, SuperCasino and Roulette Nation. Founded in 2000, the gaming services are used by several satellite and terrestrial TV channels.
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