It ends all involvement in online matchmaking for the company as the shares plunged The firm behind Cupid. Grendall, registered in the British Virgin islands, owns a portfolio of online dating sites and is managed by Cupid co-founder Max Polyakov. You can find our Community Guidelines in full here. Want to discuss real-world problems, be involved in the most engaging discussions and hear from the journalists? Start your Independent Premium subscription today. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. The most insightful comments on all subjects will be published daily in dedicated articles.
Around one-third of U. Grownups reported utilizing dating apps or web sites. These types of services enable singles to locate partners that are potential general simplicity. Once the dating that is online grows, niche platforms that focus on certain categories of singles are in the increase.
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Cupid says independent report finds no fake profiles. Dating firm Cupid rejects ‘fake profiles’ allegations. The Edinburgh-based firm said it was selling the business to Grendall Investment Limited in order to focus on its niche and mainstream sites. The deal includes casual dating sites such as Benaughty. Cupid will continue to operate a number of mainstream and niche dating sites, including Cupid. It will also continue to run dating events business Speeddater. Cupid’s share price climbed by more than In a stock market announcement, the company said it had decided to sell its “casual dating” sites because they did not fit in with its long-term strategy.
It said: “Cupid plc believes that in niches and mainstream dating, customers are demanding increasingly higher quality and that this can be a rewarding area for the company to focus its efforts.
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Cupid plc sells ‘casual dating business’ for £45.1m
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The company originally began providing dating services to members of the emergency services back in but has grown significantly and become highly profitable since it began its successful TV advertising campaign during attracting a much wider audience. The sale process was highly competitive and offers were received from major dating site operators in the US, UK, Continental Europe and Australia. Management subsequently selected Cupid plc, a high growth AIM listed online dating business which has become increasingly acquisitive in recent years, as the preferred bidder.
ICON played a key role in achieving the best result for shareholders and we are delighted with the sale of the business to Cupid offering a highly compelling strategic fit”.
Shares in dating website operator Cupid dropped 24 per cent on Monday on the announcement it plans to sell off its remaining dating sites as it looks to reclassify as an investment company. It also proposes to rename itself Castle Street Investments plc if plans to reclassify as an investment company are approved. The Edinburgh-based company will seek shareholder approval for the sale at a general meeting on December Cupid said the move to sell off its remaining dating sites follows a strategic review of the business.
Cupid reported in most recent full-year results the success of the casual dating sites had masked worsening conversion and churn rates of its core dating sites business. Last year Cupid, which operates Cupid. The KPMG report found no evidence Cupid was using fake user profiles, but did find Cupid staff who had a presence on its dating sites were not clearly identified.
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The Edinburgh-based owner of the Uniform Dating website said it would become a cash shell following the deal, with a view to investing in other firms or returning capital to investors. However, shares in the Aim-quoted firm fell heavily after the announcement, ending down 6. This will be paid by the middle of December next year, rather than November as originally planned.
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