4th Feb 2014 11:51
LONDON (Alliance News) - Sportech PLC, the online gambling and sport-entertainment company said Monday its GBP95 million VAT claim appeal has a hearing set for later this year, and also announced the opening of a new flagship sports bar, restaurant and betting venue in Connecticut.
Sportech said its VAT claim appeal for GBP95 million, has a hearing date set for April 29 and 30.
Ahead of the appeal hearing, Sportech had been in discussion with third parties to explore possible options to secure financial benefit in the event of the favourable decision, however Sportech said the discussions have now ended, and have not resulted in a mutually acceptable position.
"The board remains confident in our arguments and a successful outcome of the appeal," it said.
Sportech said it has opened a new flagship sports bar, restaurant and betting venue in Bradley, which will be able to accommodate 300 customers. It said its new facility will allow customers to bet on horse and greyhound racing while enjoying the surroundings. The group said it will significantly enhance Sportech's operation, which last year handled USD190 million in bets.
The company bought the US business three years ago, and have since developed its business in Connecticut, alongside its extensive betting services business. Sportech said the opening of the new facility at Bradley and upgrading the MyWinners.com websiteare significant steps forward.
Sportech shares were down 0.5% at 91.50 pence per share Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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