Devilfish confirms site sale
DEVILFISH Gaming, the Altrincham-based company which announced last month that it was in talks to sell its main trading site Devilfish Poker for £330,000 with an unnamed, AIM-listed firm, has completed its deal.
The company is being sild to Doncaster-based The Weather Lottery for £330,000 – only £40,000 of which is in cash, with the rest being satisfied by shares in The Weather Lottery.
In the year to June 30, Devilfish Poker declared an operating loss of £106,331 on sales of £783,353. It also had net liabilities of £10,802.
Devilfish Gaming said that £40,000 cash payment would be used to settle outstanding liablities and for expenses to allow it to continue trading so that it can either complete a suitable transaction or merger “with a view to returning cash to shareholders”.
Earlier this month, Devilfish Gaming declared a group pre-tax loss of £2.1m, with all of its £783,353 revenues coming from the Devilfish Poker site.
The company, which was co-founded by Kevin Leech and finance director Andrew Flitcroft three years ago to build an egaming brand around the “Devilfish” brand, had sought to dramatically cut its costs throughout the year in a bid to reduce losses.
The company said that it began marketing the site for sale in September, and that there were “several” interested parties. It said that its preferred bidder was chosen as it offered the best return to shareholders, particularly in terms of the potential “future upside” of the acquiring firm’s shares.
