Betbutler Appoints Insolvency Firm (update)

Customer database sold for GBP 1 to Momaco

The saga of the beleaguered betting concierge BetButler continues as the company appoints insolvency practitioner, InsolvePlus following the revocation of its UK Gambling Commission operating licence (see previous InfoPowa reports).

The business previously run by a former director of Farepak William Rollason and now director Andrew Hosie, owes customers GBP 500 000.

"BetButler's customers and their balances have been sold to Momaco who will honour their balances and no-one will lose any money," Rollason defended in a statement.

According to Momaco spokesperson Mark Craig, the company confirmed it has bought BetButler's client list for GBP 1 and is awaiting the outcome of a UK gambling licence application.

"We rushed a deal through after BetButler went out of business in August," Craig told Wales Online.

A BetButler spokesperson confirmed BetButler had GBP 3 million in customer funds on its books in April which was reduced to GBP 500 000 by the end of August 2014.

"The plan is that BetButler customers will get their money back through a new company with no conditions on withdrawal," the spokesperson said.

Rollason's past is littered with ill-thought out business dealings. His involvement as chief executive of European Home Retail, the parent company of Farepak, saw the collapse of a Christmas club which cost its 150,000 customers GBP 40 million. A judge, however, exonerated Farepak's directors saying the company could have been saved by a loan from HBOS.

Listed as director of BetButler until January 2014, Rollason insists he has nothing to do with the collapse of the company and has not been actively involved in running the business over the past 9 months. He is still listed as a director of BetButler's parent company BetClearer.

Hosie is listed as being a director of 8 dissolved companies, company secretary of 3 other dissolved companies and an active director of 6 companies that include BetClearer, BetButler, Gambling Insight Limited, Brabco736 Limited, Everton InThe Community and Investors In Sport Limited.

BetButler customers who believe they are owed money are invited to contact InsolvePlus at sylwia@insolveplus.com

Online Casino News Courtesy of Infopowa

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