Durham based bookmaker Pagebet signed a deal with Advantage Capital to expand its reach. The resources will be used to increase the number of shops and upgrade the telephone and internet divisions.
Under the terms of the deal, Advantage Capital will have a 45% stake in both segments with Pagebet. The infusion of cash will allow Pagebet founders, David Archer and Austin Carney, the opportunity to meet their goal of becoming a top 6 bookmaker in the UK.
Archer said: “The investment by Advantage Capital is critical in that it gives us a real war chest on which to draw, to see out our business plan and to reach our target of becoming a top-six bookmaker within two years.”
Pagebet intends to open shops in Newcastle, Selby, Hartlepool, Doncaster and Sunderland, while acquisitions in the North and Midlands are currently underway.
Co-owner Austin Carney commented: “The investment from Advantage Capital will allow us to go forward with the acquisitions we have planned and means we can look forward to more growth and further improvement in the quality of our estate over the next few years. In addition to acquiring individual shops and groups throughout the UK, we are also ready to launch our internet betting site, with its full games package, including bingo, casino and poker.”
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