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Stan James Says there not being acquired
Tuesday September 16,2014 : STAN JAMES CORRECTS ‘IMMINENT ACQUISITION’ REPORT
CEO expresses surprise at "inaccurate" industry reports.
Reports in industry media that the Gibraltar-based online and land bookmaking group Stan James plc is about to be sold off as a result of the new UK point-of-consumption regulatory and taxation moves have been called into question by the company.
Commenting on the potentially alarming claims for its employees, chief executive officer Denis Kelly said Tuesday:
"We were surprised at the article published by the EGR as it is not accurate.
"Yes, there have been redundancies. We have reduced the Product team by four, with the expectation to open up two more appropriate vacancies presently. This was in preparation for nothing other than the business requirements in creating efficiencies within our cost base, having agreed our development road map and investment for at least the next twelve months.
"To address the speculation on whether or not Stan James is for sale, it would be madness to suggest that there wasn't a price point 'somewhere' as there is with absolutely any business you can think of.
"However, there is no 'for sale' sign outside the door and we intend to face any challenges presented by the POC tax head on, while we continue to grow the brand."
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