Weather Lottery attempts salvage job as subsidiary is liquidated
12 December 2008
Struggling lottery business The Weather Lottery has taken steps to put one of its subsidiaries, Lottery Service Providers Ltd, into liquidation.
In a statement the company said that because of the current economic situation it had been unsuccessful in sourcing new working capital. It said the restructuring would enable the business to continue via another wholly owned subsidiary, while reducing the level of current liabilities.
In its last financial report – half year figures to January 31, 2008 – TWL said the second half of the financial year to July 31 2008 would be “pivotal” for the business as it tried to increase the number of its sales agents around the country.
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