Nektan PLC has confirmed that Mark Phillips and Julie Swan of PCR London LLP were appointed as joint administrators of its UK B2C business Nektan (Gibraltar) Limited.

Following their appointment to NGL, the administrators have sold Nektan’s UK B2C business to Grace Media Limited, part of the Active Win Group, for total cash consideration of £200,000, payable as an initial payment of £50,000 with the balance payable subject to the UK B2C business meeting a series of agreed KPIs. 

For the year ended 30 June 2018, being its most recent audited accounts, Nektan’s UK B2C business generated turnover of £19.4 million and was loss making.  The sale proceeds will be used by the administrators in the course of running the administration of NGL.

The sale of the UK B2C business has no impact on the ongoing business of the Company and, as part of the sale of the UK B2C business, the Company has entered into a B2B partnership with the buyer to facilitate continued, uninterrupted delivery of services to the UK B2C business.  As is the normal business model for a B2B partnership, Nektan will receive ongoing monthly royalties from the buyer.

Gary Shaw, Interim Chief Executive Officer of Nektan, said: “For the Administrators of NGL 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.

We look forward to working in partnership through the B2B relationship with the buyer as they take the business forward.”

Warren Jacobs, CEO of Active Win Group, said: “The opportunity to acquire the UK B2C 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.