LONDON (Alliance News) - Branded product developer LiteBulb Group Ltd on Wednesday said it has sold Go Entertainment Group Ltd and its subsidiaries for a nominal GBP1 to Eclipse Media Ltd.
Eclipse Media is controlled by members of Go Entertainment's senior management team. Go Entertainment develops and manufactures DVD, books, magazines and gift products.
LiteBulb bought Go Entertainment in 2014, since which the division has suffered a significant decline in its core markets, resulting in a shortfall in its expected contribution to the company. In 2015, Go Entertainment made a revenue of GBP5.5 million and pretax loss of GBP1.7 million.
LiteBulb added that it remains in active discussions to secure additional financing of GBP2.0 million through an equity fundraising, noting that its current cash position "remains tight".
Shares in LiteBulb were trading down 9.0% at 1.25 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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