Embattled holding company Leisure & Gaming (LNG) has been forced into administration. LNG used to trade on London’s AIM market, but was delisted in May after its subsidiary Betshop Group (BSG) was victimized by successful European football bettors. BSG suffered a further loss of €450k in a single week earlier this month, after which the company’s cash position became ‘critical’.
Adding insult to LNG’s injury, BSG has now been sold to Honeymead Services for €1m, less than a fifth of the €5.3m LNG had hoped to realize from prospective Spanish buyer Grupo Pefaco earlier this month. Honeymead Services is comprised of a group of investors including Gabriel Chaleplis, a director at BSG. The sale will preserve (for now) the jobs of 600 employees scattered across the UK, Italy, Greece and Cyprus.