Mon, 08 Dec 2014 | BUSINESS SALE
Cupid, the owner of dating website Uniform Dating and others, has announced its plans to sell its online dating businesses.
Based in Edinburgh, Cupid has confirmed news of a conditional agreement to sell its dating assets to Tradax IP Licensing; Together Networks Holdings and Together Networks.
The price attached to the assets is thought to be around £3 million. However, the business sale is still conditional on the shareholders' approval, which is expected to be given at the general meeting due to be held on 23 December.
George Elliott, Cupid's chairman, said that the sale was prompted by a number of “fundamental changes in the dating market”. He added: “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.
“The Company will effectively become a well capitalised cash shell with approximately £18 million that can be utilised for new opportunities in line with our proposed investing policy or returned to shareholders."
Cupid was founded in 2005 by Bill Dobbie and Max Polyakov. The business grew rapidly and several million users took advantage of their services for online dating. Among the main sites owned by the business are cupid.com, speeddater.com and flirt.com.
_____________________________________________________________
Related information:
Cupid Plc considers division sale
Acquisition strategy tips
View the latest businesses for sale
Find online businesses for sale in the UK
Seeking an acquirer / strategic partner for this long-established national engineering contractor providing an extensive range of solutions, including specialised fabrication, pipework installation, steelwork and mechanical equipment.
Our client, with a legacy spanning over 35 years, has crafted an exceptional brand and market-leading business in the world of organic wines. Now, due to retirement plans, they are seeking the perfect successor to carry forward their legacy.
Over the past 15+ years, our client has built a successful business providing a range of commercial cleaning and soft services to its contracted and growing client base. Working predominantly within the commercial and industrial sector, our client ma...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.