Betbrokers goes bust
BETBROKERS, the Canary Wharf based betting group, has gone into liquidation.
The brokerage ceased trading two weeks ago and 28 staff members have lost their jobs and their last month’s pay.
Staff were told of the decision by chairman and chief executive Wayne Lochner at a meeting on August 22.
The company’s demise came just weeks after it sought to reassure investors about its future, having had to turn down bets in June due to a lack of funds.
At the time Mr Lochner said Betbrokers was still a viable proposition and was looking to raise more than £1million of extra capital.
He said then: “We’re not going to close down. We’re the victims of our own success.
“We are being offered more business than we can currently execute.�
The company floated on the stock market in 2006, initially at a value of £31.7million, although this had slipped to £1.5million by June. Shares have now been suspended.
Betbrokers had a high profile in and around Canary Wharf, sponsoring a bar in West India Quay and hosting a number of events in the area.
They also had a roster of sports celebrities to give expert opinions, including ex-jockey Lester Piggott, cricketer Phil Tufnell and John Virgo, the snooker commentator.
Directors included former Formula One mogul Eddie Jordan and City big hitter Derek Tullett.
None of the directors was available for comment.
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Well, all good things end in time, and as the writer / graffiti artist on the most popular little whorehouse wall in Pompay once scrawled / remarked: ''All things end in unending time!''
Cheers ,and good luck...and don't forget to keep the Great British pecker up!