Stan James cuts more jobs as sale nears
Bookie makes Gibraltar-based product development team redundant as potential sale looms
Stan James is continuing to reduce the size of its Gibraltar-based team as the bookmaker holds advanced discussions regarding the potential sale of the business, eGaming Review understands.
According to sources, Stan James management have held talks with a number of rival operators over a sale, with at least two firms having recently pulled out of the race after failing to agree a price.
However, a deal for Stan James is now said to be “imminent”, with one Malta-licensed operator thought to be close to formalising an agreement for the 41-year-old bookmaker.
It is understood Stan James is keen to complete a sale as soon as possible, with the onset of the Point of Consumption tax on 1 December believed to be a key driver behind the disposal.
News of the sale discussions come after the Gibraltar-licensed firm launched another redundancy round, with the operator deciding to make cuts to its product development team.
It is believed fewer than ten staffers have been affected, however, the decision, which was made just a few weeks ago, has been viewed as an indication of Stan James’ future product development plans.
Earlier this year Stan James announced that around 11 sports traders were to be made redundant after the operator increased its reliance on in-running trading technology.
Stan James had yet to respond to a request for comment at the time of publication.