Gfinity sells 73% of subsidiary Athlos to Tourbillon; closes Esports, 6 … – Shares magazine
Gfinity PLC on Tuesday said it is closing down its Esports division and selling a majority stake of its subsidiary Athlos to Tourbillon Group UK Ltd.
Gfinity shares fell 27% to 0.11 pence each in London on Tuesday morning.
Gfinity, a London-based e-sports and gaming services firm, said the sale of the 72.5% stake in Athlos is to provide growth capital ‘to support the business moving forward’. Gfinity will retain the remaining 27.5% of the shareholding in Athlos.
The company said Athlos recorded a pretax loss of 500,000 on revenue of 400,000 in 2022.
Gfinity also is closing its Esports division, noting a ‘soft’ e-sports market and only limited profitable growth opportunities. The company will focus on digital media and the gamer website industry.
‘After a large dip in users in 2022 due to some adverse market impacts including changes in the Google search engine, the company has performed a round of cost cuts and improvements in it content as it streamlines the editorial team and…
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source: https://news.oneseocompany.com/2023/06/06/gfinity-sells-73-of-subsidiary-athlos-to-tourbillon-closes-esports-6-shares-magazine_2023060645707.html
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