PKR files for administration
Poker site shut down on Wednesday evening for financial reasons and not expected to re-open
PKR has halted trading and applied for administration according to one of its creditors, Microgaming.
The PKR site, which utilities the Microgaming network, was deactivated on Wednesday evening, and remains offline.
Microgaming said in a statement “We can confirm PKR have filed applications to Court for Administration orders, which will be heard in the week commencing 8 May 2017.
“Microgaming expects further information to be placed on the website http://status.pkr.com/ following the hearings, including contact details for players and creditors to address queries and details of the process.
“As a creditor, Microgaming will share as much information as possible as and when it becomes available.”
The Gambling Commission told EGR Intel it was aware of the situation adding: “We are engaging with PKR Limited and the prospective administrator to establish more information about the issues surrounding this notice.
“In the meantime, we advise any consumers with concerns about their accounts to keep checking PKR Limited’s website as it will be updated with the details of who they can get in touch with next week.”
Microgaming said it had been assured that player funds were held in a segregated account in accordance with UK licensing rules.
The PKR site reads: “PKR Ltd and PKR Technologies Ltd have experienced recent financial difficulties and are in the process of taking professional advice.
“This process is ongoing and further updates will be posted to this website as and when they are available.”
A former senior staffer informed EGR Intel that administration was indeed on the cards and that employees had been sent home earlier this week.
Filings on Companies House show two new directors were appointed to the company on Thursday, one of whom is an accountant.
News of PKR’s financial difficulties comes little more than a year after its switch to the MPN network.
The operator also saw significant management change in 2015 with founder Leon Walters leaving the firm along with CEO Malcom Graham, who was eventually replaced by current chief exec Chris Welch.