NetPlay Acquisition of Vernons.com

NetPlay Acquisition of Vernons.com

Written by: ava carson on 04/11/2013 14:15
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NetPlay purchases Vernons for £3m after a suffering a £700,000 loss in 2013. Vernons brands include online Bingo, Sportsbook and Poker.

Spokesperson Charles Butler of NetPlay said:

"I am very pleased to announce the acquisition of the well-known Vernons.com brand and its customer base. The acquisition, which will be immediately earnings enhancing, fits very well with the group's core business, adds scale and customer reach, and will be integrated quickly and efficiently to realise the excellent operational synergies.

"This represents the acceleration of our strategy to grow through both organic growth and strategic acquisitions. We look forward to investing further in our proven marketing strategy for Vernons.com alongside our existing brands and continuing to drive value for shareholders."

Vernons owner Sportech’s Ian Penrose, Chief Executive said:

"Our loss making Vernons casino, poker and bingo business has had a difficult year, and the impending introduction of Point of Consumption tax next year increases the challenges ahead for a sub scale operation in an increasingly competitive marketplace.

"We are delighted to have realised £3m in cash for the sale to NetPlay, who will be able to combine increased scale and market leading interactive gaming television skills to take the business forward.”

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