Anyone who has ever had a ‘flutter’, will be familiar with the saying, ‘You never see a poor bookmaker’.
In County Durham that might not be so true, as Bookmaker Neville Porter, a company that floated on the Alternative Investment Market 12 months ago, has been hit by a string of bad results.
The company has announced a restructuring package that will allow them to sell its UK racecourse pitches to one of its Directors and then lease them back over a 15 year period. The deal would raise £350,000 but must be agreed by the shareholders at an extraordinary general meeting next month.
Neville Porter was forced to take steps to reduce its cost base after its telephone and online betting services, based in Birtley, generated worse-than-expected returns.
Neville Porter’s core business is the operation of pitches on leading racecourses across the UK.
The company launched its phone and online betting operation in April last year and had forecast significant growth. However the growth did not materialise and the company showed a loss in December of £912,754 on turnover of £6.67million.
The company reported that recent losses had seriously eroded its working capital.
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