Butt quits Media Corp board following Eyeconomy administration
Company also discovers potential HMRC liability over unpaid National Insurance.
Eyeconomy managing director Mark Butt has left the board of Media Corporation after the advertising arm was placed into administration late last year.
Media Corp – which is due to change its name to Inta Plc – had announced its intention to review its non-core businesses including Eyeconomy in December, and Butt has now stepped down from the board to which he was appointed just six months ago.
Chairman Phil Jackson said: “With the Eyeconomy in administration, Mark Butt no longer had any real executive function within the Group and it was only logical that he step down from the board and we wish him well for the future.”
eGaming Review is awaiting confirmation as to the impact of recent developments on Eyeconomy’s agreement with BLAC Agency last year, a deal which had the potential to revive the company’s involvement with the Hippodrome Casino after an egaming deal with the venue failed to materialise following a lengthy delay.
Meanwhile MediaCorp has revealed it could face an HMRC liability over unpaid National Insurance, explaining in a statement: “The directors are in the process of working with HMRC to establish the full extent of the liability and an agreed payment programme. Based on the correspondence to date it is the directors’ belief that the amount is manageable based on the Company’s current resources.”
The company has also announced the sale of its OnTheBox.com business for £75,000. The non-core publishing asset recorded revenues of £8,000 for FY 2012 and Jackson said: “The funds will help us achieve our goal of launching the Intabet platform.”
Intabet was acquired in May last year with the intention of launching ahead of the 2012-13 football season and creating synergies with casino and poker business Purple Lounge.
However Purple Lounge was liquidated later that month and Jackson revealed in December that “The proposed synergies between the Intabet platform and the Purple Lounge division of the company seemed a logical fit, based on what was reported to be in situ…[but]… the accurate position was somewhat different.”