Inspired confirms exit from pub sector
Pub quiz machine supplier Inspired Gaming Group is to sell or close its Pubs Division.
The company - whose machines include "Who Wants To Be a Millionaire?" - launched a review of the division in March after the smoking ban hit takings.
The division accounted for £71m of the company's total sales of £166m last year.
The company said the exit process was at an "advanced" stage.
Inspired said it is in discussions to raise £40m to fund the expansion of its core business, reduce debt and fund its exit from pubs.
It said that it had recieved a number of preliminary approaches and that Global Leisure Partners LLP has been appointed to evaluate proposals from interested parties.
"Following the withdrawal from the Pubs Division and the completion of the capital injection, we are confident the prospects of the business will continue to improve and we look forward to the future with confidence," said co-chief executive Norman Crowley.
He added: "The overall financial result of the Company for the first half of the current financial year has been adversely affected by the very difficult trading conditions experienced in the Pubs Division, which was loss making for the period, and the significant non-cash costs incurred in this division."
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