Investment Company Formerly Cupid Reports £11.6m Loss

Cupid_plc_logo_colour-600x400Castle Street Investments, the company that Cupid became after ditching online dating, has reported a £11.6m pre-tax loss for 2014.

The company called time on online dating last year, selling their remaining dating businesses for £3m to Tradax IP Licensing, Together Networks Holdings and Together Networks.

Their 2014 loss of £11.6m is compared to a net profit of £14.3m in 2013.

Chairman Bill Dobbie said: ”The company has now transitioned from an online dating company into a well capitalised investment vehicle.

“We are beginning to review selective opportunities that meet our investment criteria, and are considering a combination of cash returns and finding an attractive investment opportunity to propose to shareholders.”

In 2013 the company sold its casual businesses — including and — for £45.1m to co-founder Max Polyakov.

Last year Cupid reported a loss of £3m for the first half of the year, compared to £2.8m in 2013.

Revenues from their continuing operations fell by over half to £7.2m.

The decision meant 180 staff were made redundant — 24 of whom worked in the UK, the majority from Ukraine and others spread between the US and France.

However, Dobbie said they expect to close 2015 with £20m available for investment, £2m more than expected.

Because of this, shares for Castle Street were up 7.7% on Tuesday morning.

“No dividend is proposed in respect of 2014 at this point but, subject to appropriate investment opportunities, we anticipate bringing a proposal to shareholders for an initial distribution, probably by way of a tender offer, before the end of December 2015.”

Read more here.

Simon Edmunds

Simon is the former editor of Global Dating Insights. Born in Newcastle, he has an English degree from Queen Mary, London and after working for the NHS, trained as a journalist with the Press Association. Passionate about music, journalism and Newcastle United.

Global Dating Insights is part of the Industry Insights Group. Registered in the UK. Company No: 14395769