OpenBet, Grand Parade and Betradar named among Win Cash Live creditors
Punters also owed almost £200,000 while shareholders will lose out on their £8m investment
A number of gaming firms including OpenBet and Betradar are currently thousands of pounds out of pocket following the administration of Win Cash Live operator Lean Forward, EGR has learned.
According to a statement of affairs, which was sent by administrator Quantuma to all creditors earlier this week, Win Cash Live also owed 32,801 customer account holders a total of £193,000.
Total debt to trade creditors was £617,500, which included platform supplier OpenBet (£73,000), digital developer Grand Parade (£15,000), data supplier Betradar (£3,800), IT services firm Ardenta (£39,000) and marketing company Arena Media (£10,000).
Its single biggest creditor was the HMRC, to which it owed £133,000, meanwhile, the administrator had racked-up charges of approximately £36,500 to date.
Win Cash Live’s total assets, which included approximately £7,000 held in trading accounts with bet365 and Betfair, only amounted to £277,000.
A sale of the business, which in 2014 had £8m ploughed into it by investors, has yet to be ruled out. In June, Win Cash Live sent out a teaser document to 186 potentially interested parties. Although 12 parties showed interested and signed NDAs, no firm offers were made.
Win Cash Live ceased trading on 30 June after mounting losses meant it wasn’t possible to continue trading, at which point the company dismissed its 26 permanent staff and six contractors.
Administrators have 12 months to secure the best deal for creditors, although an extension can be applied for.