Cupid sells Flirt/BeNaughty to Grendall Ltd

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Cupid announced this week that it is selling it’s casual business to Max who was a founder at Cupid and now runs rival dating company Upforit Networks for 43 million.

Here’s the info provided to affiliates:

Dear Partner

As you may already know from our public announcement made through the London Stock Exchange yesterday, Cupid plc has agreed to sell its Casual Assets to Grendall Investment Limited. The buyer, Grendall, is a BVI registered company that owns a portfolio of online dating sites and is managed by Max Polyakov, the co-founder of Cupid and a 15% shareholder of Cupid plc.
As a partner of ours we wanted to ensure that you were made aware of the sale and to inform you that we will continue to work as normal with you as we do today.

We will be migrating the casual business to its new owners over the coming months in a controlled manner while all current campaigns will be live. 
Both companies’ representatives will get in touch with you at the relevant time to ensure that any re-assignment of contracts and a good working relationship moving forward can be maintained

If you have any immediate questions or queries please contact your normal point of contact who will be able to assist you.
Both Cupid plc and Grendall are committed to the continued success of the businesses and equally value the relationships we have built over time with key partners like you and we hope to continue and develop our relationship moving forward.

Thanks
Cupid Plc

It’ll be interesting to see how this plays out but with recent journalist interest it is probably a good thing the sites are taken out of public ownership. The downside is a decrease in competition as these two companies used to compete for traffic. The other downside is it means I’m going to have to change my banners at some point 🙁

There’s some more good information at:
http://www.iii.co.uk/investment/detail?code=cotn:CUP.L&display=discussion&it=le

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