Win Cash Live goes into administration
CEO Ashley Faull tells EGR "difficult decision" was taken after failing to obtain additional investment or buyer
Win Cash Live has entered into voluntary administration after the operator failed to attract the investment required to keep the business afloat, eGaming Review has learned.
The UK operator, which launched just a year ago, pulled the plug on WinCashLive.com yesterday after informing its 23 staffers of its decision, and has appointed insolvency firm Quantuma as administrators to oversee the process.
Speaking to eGaming Review this morning, Win Cash Live founder and CEO, Ashley Faull, said he was hopeful the business could still be saved.
“We have been seeking additional investment since March but failed to achieve that investment so had to take the very difficult, but voluntary, decision to enter administration yesterday after an accelerated sales process also failed to find a buyer for the business.
“We have attracted over 30,000 first time depositing customers – almost half of whom were recruited in the last two months.
“We reached turnover of around ?1m in the month of June and I hope the administrators will receive significant interest in the business and/or its customer base for the benefit of all its creditors including customers.
“I am very sorry for our 23 staff who were told yesterday, as well as our consultants, suppliers, and customers – I have never had a business go into administration before,” he added.
Faull did not give any indication as to how long he expects the process to take and what will happen to customers’ monies as a result of the closure.
Earlier this year Win Cash Live relocated from London to Bournemouth where it set about building a new senior management team, which included the appointment of former Betfair director Jim Supple as chief operating officer.
Win Cash Live was originally launched in May 2015 as a female-focused televised betting service, which was broadcast every night on Sky and via a livestream online outside of its broadcasting hours.
The operator later changed tack by shifting its focus to the male recreational sports punter, complete with a website overhaul, the addition of a more comprehensive sportsbook service and new in-play markets.