Press Releases in 2000
Firststake
Firststake Plc appoint ICON as new corporate finance advisor
July 2000
Specialist high tech and e-commerce corporate finance company to help Firststake's new online betting service reach a global audience.
Firststake PLC - the OFEX traded retail betting network - has appointed ICON Corporate Finance as the company's new corporate finance advisers to help support the rapid growth of firststake.com, the new online sports betting service due to launch at this month's Euro 2000 tournament.
Bristol based ICON Corporate Finance was selected for its experience and understanding of working with e-commerce businesses. ICON was formed in March 1999 to focus on rapidly growing high tech and e commerce companies typically seeking between £1m and £20m in funding. The company currently has over 70 high tech and e-commerce companies on its books.
firststake.com is being launched into a fast expanding online sports betting market that is forecast to reach $3bn by 2003, and is currently without a challenge from American based companies due to the uncertain legal position in the US. The firststake.com service will also be focused on the fastest growing segment of the online sports betting market, by targeting sports fans or 'eventers' rather than experienced betters. The company has developed its own software 'engine' to ensure that firststake.com experience is the most consumer friendly, flexible and jargon free service online. The proprietary software 'engine' also gives firststake the flexibility to run different international versions of the service based on the language, sports mix and pricing of each major national market. firststake is in discussion with international partners to create a series of joint ventures in key countries. ICON will contribute its knowledge and contacts to help complete current and initiate new discussions.
ICON will replace Alfred Henry Corporate Finance with immediate effect. Alfred Henry successfully helped the company trade on OFEX in November 1999. Future plans include a possible listing on AIM or FTSE.
firststake.com owner Karim Ghaidan said, "I would like to thank Alfred Henry for all its support - however, our requirements and focus have changed. We now need an e commerce specialist who understands our global ambitions in the fast growing online market. ICON is an obvious fit since the company understands our business, speaks our language and mirrors our culture - and being based in Bristol, ICON will be on hand as an extension of our own management team."
Alan Bristow, the managing director of ICON Corporate Finance said, "We are delighted to work with firststake.com in a vibrant market with high growth potential. I am confident we can use our specialist skills and in depth knowledge of the global e-commerce market to ensure that firststake.com becomes the major force in their sector."
firststake Plc's annual turnover, reported as £4.65 million for the year ending April 1999, is expected to reach £10 million by November 2000 with firststake.com making a significant contribution to the overall business.
Notes:
firststake.com is a new online and telephone betting
service being launched by Firststake Plc, one of the
UK's leading independent retail bookmakers, which operates
a chain of betting shops under the First UK Racing
fascia, with sites in the Midlands, South East and
West Country, and over 14 years' experience.
Firststake Plc was traded on OFEX in November 1999, having been purchased by a management team led by former merchant banker and current Firststake Plc Chairman, Karim Ghaidan.
firststake.com intends to offer both UK and offshore customers a unique online experience, new standards of consumer service and the security of dealing with a UK registered, UK regulated bookmaker. In addition, firststake.com is free from the advertising and promotional restrictions currently faced by offshore-based operators.
