Nektan has sold its UK B2C operations to Grace Media for £200,000, as part of its ongoing restructuring. The company’s Interim CEO, Gary Shaw, commented that the completion of this deal is “very reassuring to all stakeholders involved”.
Working towards long-term stability
Grace Media is part of Active Win Group. To ensure the seamless transfer of its B2C services, Nektan has also started a B2B partnership with ActiveWin.
The sale follows on from PCR London LLP‘s Mark Phillips and Julie Swan being appointed as joint-administrators of Nektan (Gibraltar) Limited. This resulted in its completion.
Shaw also said: “For the administrators of NGL to secure the sale of the UK B2C business to a group of the calibre of ActiveWin Group, in order to see the continued, uninterrupted delivery of the white label operation the group has built over the years, is very reassuring to all stakeholders involved.
“We look forward to working in partnership through the B2B relationship with the buyer as they take the business forward.”
ActiveWin have also expressed their delight at getting this deal over the road. The company’s CEO, Warren Jacobs, said: “The opportunity to acquire the UK B2C business allows ActiveWin Group to expand further into the UK online casino market, furthering our growth in this market from being a white label operator ourselves, to working with the full complement of business partners established by Nektan in recent years.
“We believe that with the right focus and attention, in a changing and dynamic market, that we will be able to deliver for all our stakeholders, including all of our newly acquired white label partners.
“We look forward to working together with Nektan as our exclusive B2B partner as we grow the business in the coming years.”
Shifting focus
Nektan is transitioning its business model from B2C to B2B, a restructuring which Shaw described as “significant”. This transition has been taking place for a while. For example, the company strengthened its relationship with Mediacle to supply affiliate software last June.
In its revenue figures for the year ending June 30th 2018, the business generated £19.4 million. At the time, it was making a loss. Recently, the white label and gaming content provider was suspended from the London Stock Exchange for not publishing its end-of-2019 accounts.
