Nektan Confirms B2C Unit Disposal To Grace Media

By issuing a market filing, London AIM-listed Nektan Plc confirmed that it had disposed of its UK B2C unit, discharging the asset for £ 200,000 to Grace Media.

The transaction’s news follows a Tuesday report by Nektan Governance announcing the appointment of PCR London’s Mark Phillips and Julie Swan as joint B2C administrators.

Grace Media, a subsidiary of Active Win Group, agreed to pay an initial £ 50,000 cash fee to take over the assets of Nektan B2C, with its remaining balance subject to KPIs agreed at the business meeting.

Nektan will enter into a B2B partnership with Grace Media to take over its B2C white label partner services, in which Nektan will receive additional monthly royalties.

Updating customers, Nektan CEO Gary Shaw emphasised that the acquisition would have no effect on the ongoing business of the company, which continues to be reorganised as a standalone provider of mobile gaming services for B2B.

Nektan Governance has reported £ 5.6 million in UK remote gambling tax duties assigned to its Nektan Gibraltar B2C subsidiary as part of its B2C insolvency proceedings as the company awaits management guidance.

Gary Shaw, interim chief executive of Nektan, updating of investors said: “For the administrators of NGL to secure the sale of the UK B2C business to a group of the calibre of Active Win Group, in order to see the continued, uninterrupted delivery of the white label operation the group has built over the years, is very reassuring to all stakeholders involved.

“We look forward to working in partnership through the B2B relationship with the buyer as they take the business forward.”