Leisure & Gaming placed in administration

Leisure & Gaming (LNG) has been placed into administration with its principal asset, Betshop Group (Europe) Ltd (BSG) sold as a going concern to Honeymead Services for Euro 1 million.  Honeymead Services is reportedly controlled by a syndicate of investors which includes Gabriel Chaleplis, a director of BSG.  Leisure & Gaming says “selling BSG as a going concern has safeguarded the jobs of more than 600 agents and employees in Italy, Greece, Cyprus and the UK”.
Earlier this month, the prospective sale of BSG to Spain’s Grupo Pefaco for Euro 5.3 million fell through after LNG failed to agree terms that expired without option for renewal.
The trading of LNG’s shares had been suspended on London’s AIM market on May 21st after significantly poor betting margins were hit by Betshop, because of the resounding success of the prominent football teams across Europe at the beginning of this year.

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