BINGOS.COM IS UK BOUND
5 September 2008
Move from Spain to England will cut costs
Big moves are afoot for the currently Spain-based
Bingos.com firm acquired earlier this year by NetPlay TV
(see previous InfoPowa report). The interactive gambling
company announced this week that it is to relocate the
bingo company to the UK, thus effecting significant cost
savings for the group.
Top management, including chief executive Dominic
Mansour, will move to Britain throughout September as
the restructuring takes hold, and sadly a number of
redundancies in Spain will be a consequence to avoid
duplication of functions within the combined business.
NetPlay estimates that the cost of the restructuring,
including redundancies in Spain, will be around Euro 625
000, equivalent to the payment that the company had
already negotiated from the vendors of Bingos.com, thus
reducing the total paid for Bingos.com to Euro 7.3
million. NetPlay expects the savings arising from the
move to boost the profitability of NetPlay from the last
quarter of 2008.
NetPlay CEO Martin Higginson, explained the move,
saying: “With the key members of the bingo team
relocated in the UK, we will be able to work much more
closely together as a team, allowing us to continue
growing the business with the speed and dexterity we
demand."
Current trading is on target with market expectations
and TV Bingo should be live throughout Europe in the
fourth quarter.
Online Casino News courtesy of
InfoPowa
More news here.
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