Devilfish Gaming sells core business
DEVILFISH Gaming, the Altrincham-based egaming company, has announced that it is to sell off its core Devilfish Poker site to an unnamed Aim-listed business in a £330,000 deal.
The company, whose shares were suspended from the Plus market on September 14 “pending clarification of its financial position”, said that it had agreed a deal to sell Devilfish Poker for £40,000 in cash, with the balance being paid in shares.
The company had previously said that it was in talks with advisors about a potential sale or a restructuring in a bid to find new working capital.
The business was set up three years ago by dotcom entrepreneur Kevin Leech and finance director Andrew Flitcroft. However, Leech retired from the firm on health grounds in August and the company’s non-executive chairman David Boden resigned from the firm last week.
Its remit was to roll out a series of online gaming brands fronted by Dave “Devilfish” Ulliott, who is one of the UK’s most successful poker players.
In the six months to December 31, 2009, the firm more than doubled registered user numbers to 18,500 but declared a pre-tax loss of £229,183 on sales of £476,248.
The company owns a number of other Devilfish-branded sites including a Bingo site and a casino site, as well as operating an affiliate marketing service. The company said that it would make a further announcement regarding its future once the sale had been completed.
