Betbull plc ('Betbull') sells Italian subsidiary
Betbull has successfully closed the sale of its Italian subsidiary company,
which holds four betting licences (two in Milan and two in Como) and has
one leasehold property. Sale proceeds amount to Euro 560,000 against an
initial purchase cost of Euro 320,000 for the 4 licences in 2007.
The sale results in a small profit after costs and releases further funds
which had been provided as guarantees. The proceeds from the sale will be
utilised in continuing to develop Betbull’s business in its core markets,
namely Germany and Spain.
Commenting on today’s release Simon Bold, Director of Betbull plc, said:
'We have taken the decision to curtail our interests in the Italian market
for a number of reasons, primarily we have found the opportunities to be
very restricted and the effort and resources necessary to achieve a
presence would be better applied to our core areas. Betbull plc was awarded
the four licences in Italy in 2007 following a tender process. The strategy
as announced at the time was always to take a cautious approach.
We are happy to have realised a small profit on the sale of our investment
and will make the funds from the disposal available for the further
development of our businesses in Germany and Spain.'
