Poor website, poor offering and overvalued - no surprises that Betshop didn't achieve the €5m asking price as their owners, Leisure & Gaming (LNG), are stone broke and desperate for a sale. LNG forced into administration and cut price Betshop sale Embattled Leisure & Gaming (LNG) has been placed into administration with its principal asset, Betshop Group (Europe) Ltd (BSG) sold as a going concern to Honeymead Services for €1m, less than a fifth of the price it had previously agreed with Pefaco earlier this month. Administration statement On 12 October 2010 specialist restructuring, recovery and insolvency firm, FRP Advisory LLP ("FRP"), on behalf of the Company, contacted 13 potentially interested parties with a deadline to receive indicative funded offers for BSG by 14 October 2010 with a view to completing both due diligence and a transaction during week commencing 18 October 2010. Separately, five turnaround funds were also contacted. The short timesc...
A blog about betting, trading, sport and some of the dodgy elements within them. www.sportismadeforbetting.com.