Issuing a market filing, London AIM-listed Nektan Plc has confirmed that it has disposed of its UK B2C unit, offloading the asset to Grace Media for £200,000.
News of the transaction follows a Tuesday update by Nektan governance confirming that the appointment of Mark Phillips and Julie Swan of PCR London as joint administrators of the B2C unit.
Grace Media a subsidiary of Active Win Group, has agreed to pay an initial £50,000 cash fee taking over Nektan B2C assets, with its remaining balance subject to the business meeting agreed KPIs.
Deal terms will see Nektan enter a B2B partnership with Grace Media taking over its B2C white label partner services, in which Nektan will receive further monthly royalties.
Updating investors, Nektan CEO Gary Shaw underlined that the transaction would have no impact in the firm’s ongoing business, which continues to be reorganised as a standalone B2B mobile gambling services provider.
As part of its B2C insolvency proceedings, Nektan governance has confirmed £5.6 million in UK remote gambling tax duties attributed to its Nektan Gibraltar B2C unit have been ringfenced, as the firm awaits guidance from administrators.
Updating investors Gary Shaw, interim chief executive officer of Nektan, commented: “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.”