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