Nektan Sells UK B2C Business for £200,000

Online gaming platform operator Nektan has announced that they have completed the sale of their UK B2C business. The sale was for a total of £200,000 ($262,969) and is part of an overall restructuring plan by the company.

In the announcement, Nektan explained that they had sold their B2C business to Grace Media Limited, which also included entering into a B2B partnership with Grace Media which will facilitate the delivery of B2B services to Nektan’s white label partners. This way, Nektan will still receive monthly royalties.

In a statement by Nektan’s interim chief executive officer Gary Shaw, he stated about the deal that it is “very reassuring to all stakeholders involved” having developed the B2B relationship.

The move to sell their B2C platform had been highly anticipated. In December, they announced that they were close to reaching an agreement to sell the arm while also looking to launch 20 new sites by the end of the month. This came at a time where the restructuring of the company was at its most advanced stage to that point.

It also came just prior to Nektan being suspended from trading on the London stock exchange. This came after the company failed to publish their accounts prior to the end of 2019. They had already reported that they would not be able to publish their annual report as they were in the advanced stages of their restructuring programme, but that meant little to the stock exchange.