After a rocky period for the company, things are starting to look up for the beleaguered iGaming provider in 2020.
Nektan have announced the £200,000 sale of its UK B2C arm to Grace Media, a subsidiary of Active Win. According to the company leadership, the move “is very reassuring to all stakeholders involved.”
The company has proved to be unprofitable in recent years; 2018’s £19.4 million in turnover meant the business was making a loss. Just last week, the company was booted off the London Stock Exchange for failing to declare their accounts in time. The company had already warned customers that this was to be the case as significant restructuring continues.
This follows the appointment of PCR London LLP’s Julie Swan and Mark Philips to act as joint administrators of Nektan (Gibraltar) Limited. The monies from the sale will help fund administration costs and may even prove to keep the company afloat for some time longer.
The CEO of Active Win, Warren Jacobs, said of the acquisition:
“The opportunity to acquire (the business) allows Active Win 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.”
Nektan were keen to point out that this sale marked the start of a partnership where none of its current services offer to UK customers would be interrupted.
Gary Shaw, the founder and interim CEO at Nektan, said in response:
“For the administrators of NGL (Nektan (Gibraltar) Limited) to secure the sale of the UK B2C business to a group of the calibre of Active Win 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.”
From now one, Nektan’s business strategy will revolve around staking claims in new and emerging markets with much less emphasis on the saturated and highly regulated UK industry.
After a protracted period of acute difficulty for the UK originated iGaming business, there is finally a reason to be optimistic for the company’s future. Thought Nektan’s easily identifiable casino’s will still be available to loyal UK players, it comes as no surprise to see the company’s gaze fall elsewhere.
For more information about Nektan’s products, visit Nektan Casino List.