London office will move to Glasgow in bid to cut costs
Tuesday 17th August 2004
TradingSports the company which provides services to online betting sites, is to relocate to Scotland. The company will move its head office from London to Glasgow in an effort to cut costs. As well as the relocation, former bond trader Terry Ramsden will be investing in the company as a way of trying to aid the company in a time of financial distress.
Ramsden will own a 12% stake in the company after it attempts to raise £4.5 million through a public placing. The company has been facing difficulties recently and was looking at liquidating unless decisions were made to help it through to the next stage of development.
Current owner, former Scottish premier league chief exec Roger Mitchell, was brought in to head the company in June, with the mandate of rescuing the company from the precarious position it found itself in. As well as the locating to Glasgow and Ramsden’s investment, Ray Ranson, a former Birmingham City footballer, will also be purchasing shares in the company.
The technological branch of the company already resides in Glasgow, so it is a sensible location for the remaining functions of the company to move to. Mitchell has said of the plans: “There were major issues with the London-based business development operation and over the years it had become very disjointed from the technology side in Glasgow, which is why we decided to consolidate everything here.'
It is hoped these next moves will help raise the finances needed to move the company on to its next stage of development, eventually resulting in more customers and higher volumes of trading. Mitchell explained: 'This has been quite a misunderstood company in the past - we’re not a bookmaker but a technology company. The product is very good and I believe the best of its kind on the market. Once the funding is in place I think we can build this into a very successful Scottish-based technology company.'
