Win Cash Live has only been in business for a year
The UK company Lean Forward Limited has announced that its year-old online betting enterprise Win Cash Live.com has encountered difficulties and has been placed in administration.
The company will be administered and managed by the London insolvency firm Quantuma, which has nominated two licensed insolvency practitioners, Simon Bonney and Andrew Hoskins, for the task.
Just a year ago and to much media hype, founder Ashley Faull, a former television executive, partnered with Scots digital broadcaster STV in the launch of Win Cash Live with a plan to harness the power of television with the appeal of online betting.
The company garnered some publicity with controversial "guerrilla" style marketing, and earlier this year was talking about a seven-figure marketing drive to exploit the Euro 2016 football championships; it would appear that it has been unable to gather enough critical mass to survive.
Management has yet to issue a statement explaining its position and problems, but there is a notification regarding the administration arrangements on its website.
Faull subsequently acknowledged that the company's troubles were financially based, arising from an unsuccessful search for fresh capital earlier this year. He revealed that he had tried without success to sell the company and was still looking for buyers. There were no assurances on the safety of player deposits, however.
Online Casino News Courtesy of Infopowa