Pagebet Sinks Into Administration With the Loss of 130 Jobs
Pagebet had been one of the UK’s fastest growing Bookmakers from it’s inception in 2007 growing from 15 shops at start up to 59 in 2010 .
The business grew by acquisition and by opening new licences in the North East and Yorkshire . Having successfully launched it’s online platform in 2008 Pagebet looked set to emulate other Independent Bookmakers such as Stan James and Bet365 by successfully operating a "clicks and bricks" strategy .
Problems began late in 2008 when following a disputed property transaction the Company founders fell out and Austin Carney was asked to resign from the Company .
However Carney subsequently teamed up with major shareholder Advantage Capital and forced his way back onto the Board intent on acquiring shops in the London area and closing the Internet Business .
At this time , January 2009, I was Managing Director of Pagebet but as i was determined not to be associated with Carney and disagreed with the strategy being promoted by the Board , I resigned entirely from the Company .
The loyal staff of Pagebet have been treat very poorly in the last 16 months and deserved better management than they got during this time .
The demise of Pagebet reflects the dangers Company’s face when they take on outside investors who do not understand the business sector they are investing in and who essentially make their investment intent on making a "quick buck" .
There is no doubt that this will be a very good investment for Stan James who have effectively being able to cherry pick the most profitable outlets and can cross sell their telephone and internet operations to the retail customers .
Stan James are well established , experienced , and professional operators and they will inherit a good estate with well trained staff .