The UK entity is now in “extensive” talks with a potential buyer.
Its revenue plummeted 83.5 percent as it migrated most clients to its EU sister.
BUX is considering selling its UK business as the revenue of the FCA-registered entity nosedived 83.5 percent in 2022, resulting in a loss of more than £2.36 million. The sale is expected to “allow a new firm to give more time and focus on the UK entity to build it up to become profitable and migrate the [market] volatility efficiently.”
Salim Sebbata, CEO of BUX UK and MD of BUX's CFDs unit Stryk, told Finance Magnates: "This transaction is another step in the re-organisation of our CFD business and further emhasizes our focus on the geographical region of continental Europe."
Yet to Seal the Deal
According to the latest Companies House filing, BUX is already in “extensive negotiations” with a potential buyer for the sale, and the two already signed a ‘share sales and purchase agreement’ on August 31, 2023. However, it has not revealed any name.
UK-based BUX Financial Services Limited ended the fiscal year 2022 with a revenue of £1.52 million, compared to the previous year’s £9.1 million. However, it narrowed its losses by almost 45 percent due to cost-cutting exercises and renegotiating supplier contracts.
The company highlighted that last year, the “pandemic and the political unrest in the UK and Europe” impacted its operations and client trading behavior.
Revenue Shifts from the UK to the EU
Meanwhile, the UK entity completed the migration of EU residents to the new EU-based entity to comply with the new Brexit regulations. The UK company further highlighted that most of its clients are UK residents, trimming down its revenue in 2022 and boosting the figures for its EU sister.
Moreover, BUX did not market its products and services last year to increase its UK clients and instead focused on developing the platform and remaining competitive in the EU. The UK entity is additionally restructuring to reduce its costs.
“The directors have taken the strategic decision to review the cost base of the entity and execute a restructuring plan to reduce the monthly burn of the entity as of Q3 2023. This means that certain redundancies will be made and that certain contracts will be terminated to make the entity more lean, and it will help move the entity towards break-even and to be self-sufficient,” the filling added.
BUX is considering selling its UK business as the revenue of the FCA-registered entity nosedived 83.5 percent in 2022, resulting in a loss of more than £2.36 million. The sale is expected to “allow a new firm to give more time and focus on the UK entity to build it up to become profitable and migrate the [market] volatility efficiently.”
Salim Sebbata, CEO of BUX UK and MD of BUX's CFDs unit Stryk, told Finance Magnates: "This transaction is another step in the re-organisation of our CFD business and further emhasizes our focus on the geographical region of continental Europe."
Yet to Seal the Deal
According to the latest Companies House filing, BUX is already in “extensive negotiations” with a potential buyer for the sale, and the two already signed a ‘share sales and purchase agreement’ on August 31, 2023. However, it has not revealed any name.
UK-based BUX Financial Services Limited ended the fiscal year 2022 with a revenue of £1.52 million, compared to the previous year’s £9.1 million. However, it narrowed its losses by almost 45 percent due to cost-cutting exercises and renegotiating supplier contracts.
The company highlighted that last year, the “pandemic and the political unrest in the UK and Europe” impacted its operations and client trading behavior.
Revenue Shifts from the UK to the EU
Meanwhile, the UK entity completed the migration of EU residents to the new EU-based entity to comply with the new Brexit regulations. The UK company further highlighted that most of its clients are UK residents, trimming down its revenue in 2022 and boosting the figures for its EU sister.
Moreover, BUX did not market its products and services last year to increase its UK clients and instead focused on developing the platform and remaining competitive in the EU. The UK entity is additionally restructuring to reduce its costs.
“The directors have taken the strategic decision to review the cost base of the entity and execute a restructuring plan to reduce the monthly burn of the entity as of Q3 2023. This means that certain redundancies will be made and that certain contracts will be terminated to make the entity more lean, and it will help move the entity towards break-even and to be self-sufficient,” the filling added.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa