UK Wedding News
08/12/2014
It is understood the firm will be re-branded as an investment company.
In a shareholder circular, it was revealed that the company has conditionally agreed to sell its "Traditional Dating Assets" to Tradax IP Licensing, Together Networks Limited, and Together Networks Holdings Limited, for £3m.
The Traditional Dating Assets consist of a portfolio of trading brands based around a core group of sites – Cupid, Uniform Dating and Love Begins At – as well as their supporting sites and international equivalents.
Following the disposal of assets, it is understood that payment of a deferred sum will be accelerated for its "Casual Dating Agreements". £12.5m will be received by the company by the end of 2015.
The Edinburgh-based company has said it made the decision to sell its dating services following a "strategic review".
George Elliot, Chairman of Cupid, is quoted as saying: "After a number of fundamental changes in the dating market, we instigated a rapid strategic review of the dating business.
"The board believe that today's announcement represents the solution which protects the best interests of shareholders, by providing much greater certainty over the group's cash balances and deferred consideration and removing substantially all costs from the group."
Elsewhere in the circular, it was revealed that the company has proposed changing its name to Castle Street Investments plc. The disposal of assets will be put to shareholders on 23 December.
(JP/CD)
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Online Dating Firm To Sell Business
Cupid plc has confirmed it plans to sell its dating services business.It is understood the firm will be re-branded as an investment company.
In a shareholder circular, it was revealed that the company has conditionally agreed to sell its "Traditional Dating Assets" to Tradax IP Licensing, Together Networks Limited, and Together Networks Holdings Limited, for £3m.
The Traditional Dating Assets consist of a portfolio of trading brands based around a core group of sites – Cupid, Uniform Dating and Love Begins At – as well as their supporting sites and international equivalents.
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Following the disposal of assets, it is understood that payment of a deferred sum will be accelerated for its "Casual Dating Agreements". £12.5m will be received by the company by the end of 2015.
The Edinburgh-based company has said it made the decision to sell its dating services following a "strategic review".
George Elliot, Chairman of Cupid, is quoted as saying: "After a number of fundamental changes in the dating market, we instigated a rapid strategic review of the dating business.
"The board believe that today's announcement represents the solution which protects the best interests of shareholders, by providing much greater certainty over the group's cash balances and deferred consideration and removing substantially all costs from the group."
Elsewhere in the circular, it was revealed that the company has proposed changing its name to Castle Street Investments plc. The disposal of assets will be put to shareholders on 23 December.
(JP/CD)
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