HW Fisher administrators save football site Squawka
5 Jan 2018
HW Fisher administrators have saved London-based football website Squawka from liquidation, saving 35 jobs
5 Jan 2018
Multinational marketing company Catena Media, listed on the Nasdaq Stockholm exchange, agreed a £1m deal to acquire Squawka.
Despite its listing in Stockholm, Catena's head office is in Ta’ Xbiex, Malta, while it also has offices in Novi Beograd, Serbia and in London.
The deal includes Squawka’s main site, its app and sister site matchboss.com, a fantasy sports service.
Founded in 2011, Squawka has built up a following of four million users a month, drawn from more than 200 countries. It has 800,000 followers on Twitter and annual revenues of more than £35m.
Catena expects the acquisition to generate annual sales of approximately £1.75m a year, with an estimated 60% margin.
In Catena’s briefing on the deal, it noted Squawka’s sole source of revenue is through banner advertising on its site and on matchboss.com.
David Birne, insolvency partner at HW Fisher & Company, said: ‘Squawka’s huge success in building a loyal following of football fans enabled it to earn significant revenue from advertisers, but not enough to achieve its full potential.
‘As administrators, HW Fisher was appointed to help Squawka secure its future. We’ve done so by brokering its sale to a brand with the expertise, pedigree and ambition to take Squawka on to the next level.’
Report by Calum Fuller