17th Jun 2020 11:24
(Alliance News) - Best of the Best PLC on Wednesday said it has commenced a formal sales process, noting a high level of interest following the publication of its annual results on Monday.
The company, which runs weekly competitions to win cars and other prizes, had posted revenue of GBP17.8 million in the financial year that ended April 30, up 20% year-on-year and pretax profit of GBP4.2 million, down 11%.
Best of the Best said Wednesday it has appointed appointed Oakvale Capital LLP and finnCap Ltd as advisers in relation to the sales process. It has received "very preliminary expressions of interest which could potentially lead to an offer or offers being made", the company said.
"The board of BOTB has confidence in the long-term prospects for the company but believes that it is in the best interest of all stakeholders to explore possible strategic options for the business," it said.
The stock was trading 17% higher at 1,465.00 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected].
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