Gfinity begins formal sales process

A "formal sales process" is underway following a difficult year for the UK esports firm

Gfinity has started a "formal sales process" following a year of financial difficulties.

The British esports firm released a document today, in which it confirmed the start of its "formal sales process" and the appointment of FinnCap Ltd. as its financial adviser.

Gfinity stated that it has not received any acquisition offer up to this point, and elsewhere in the document, it listed several possible options for the future of the business.

They were: "...making acquisitions, forming partnerships, separating the activities of the Group, or a potential sale of the Company."

In March, Gfinity announced that its CEO and chairman would step down following steep losses in the first half of the financial year. The firm said it would attempt to cut costs by as much as 60%.

The company has subsequently moved away from a reliance on live esports events to a digital model with three pillars: joint ventures and partnerships with other firms in the esports market; building online communities for major brands; building its own online media platforms.

In the document, Gfinity claimed to be on track to earn £2 million from its digital media pillar by the end of the current financial year. Revenue from the other business areas was not disclosed.

Gfinity floated on the AIM sub-market of the London Stock Exchange at the end of 2014, at a price of £0.17 per share.

At the time of writing, its stock was trading at just under £0.05 per share -- per the London Stock Exchange.

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