The UK online and land sportsbetting firm Pagebet has placed its internet betting business into administration, reports The Northern Echo regional newspaper. However, the firm has agreed with administrator Tenon Recovery to purchase the assets of its online business, which it said would secure nine jobs at the Pagebet headquarters in Durham.
All customer funds placed online would also be secured and guaranteed, the company said.
Pagebet will now concentrate on growing its chain of high street betting shops, along with its telebetting business and plans to open a 57th branch at Shiremoor, in North Tyneside. It is also expected to announce a rights issue to raise about GBP 2 million to continue its expansion plan to acquire further shops in the UK, possibly as many as another 25.
While punters will no longer be able to bet online with the firm, they will still have access to a live feed via pagebet.com comprising a full range of betting markets and prices.
Explaining the decision to leave the interactive betting sector, Pagebet chief executive Austin Carney said: “The heavy investment required to grow the Internet business in a difficult period of recession was out of line with equity partner Advantage Capital’s and my board of director’s vision for the company.”