HERALD SCOTLAND - Jan 15 - Cupid has been officially renamed as Castle Street Investments at Companies House. The change, which received shareholder on December 23, reflects its transformation from an online dating firm to an investment company.
FINANCIAL TIMES - Dec 12 - Richard Griffiths, the former chairman of Evolution Securities, has raised his stake in Cupid to above 10%, as the company nears a crucial vote on December 23 to offload its websites and turn into a shell company. Cupid has proposed to sell its dating websites, including Cupid.com and Uniformdating.com, to Tradax and Together Networks, which are chaired by Max Polyakov.
DAILYRECORD.CO.UK - Dec 8 - Cupid's shares dropped 24% on Monday on the announcement it plans to sell off its remaining dating sites as it looks to reclassify as an investment company. Cupid has agreed to sell off its core dating sites Cupid, UniformDating and LoveBeginsAt, to Tradax IP Licensing, Together Network Holdings and Together Networks for £3M. It also proposes to rename itself Castle Street Investments plc if plans to reclassify as an investment company are approved.
STV EDINBURGH - Dec 4 - Tangle is a new location-based dating app developed with Cupid. On top of matching people who 'like' each other, it also sends push notifications to users when they walk past each other in the street or are in the same cafe or club.
DAILYRECORD.CO.UK - Nov 26 - Bill Dobbie, co-founder of Cupid plc, has launched LendingCrowd, a new crowdlender business aimed at providing loans to small to mid-sized enterprises (SMEs). He co-founded it with former Cenkos Securities analyst Stuart Lunn. The company says it has already helped businesses raise ~£250K since it entered the crowdlending market last month.
HERALD SCOTLAND - Oct 16 - Kestrel is likely to have spent ~ £165K buying an additional 750K shares, increase its holding in Cupid to more than 13.9M shares (19.54% of the business). Cupid's shares closed up 0.25p, or 1.1%, at 23p, which means Kestrel's stake is worth more than £3M.
IFAMAGAZINE - Oct 13 - Richard Griffith, one of Cupid’s top-five shareholders, has raised his share capital from 3.9% to 8.9% after buying up 3.2M shares. Cupid reported last month that revenues in H1 declined to £7.2M from £9.4M in H2 2013 due to lower direct marketing spend, a more competition market and delays in implementing product changes.
The full article was originally published at IFA Magazine, but is no longer available.
THE DRUM - Oct 1 - The app will use geo-tagging to track users and connect them with nearby Tangle users for conversation. Setting the app apart from established apps is its real-time tracking feature meaning users will always be connected with individuals in the local area. Furthermore, ‘right-swiped’ matches will be available to view with users capable of messaging each other without being matched. It is available for download on the Android platform with a subsequent iOS version due out later in October.
STOCKMARKETWIRE - Sep 23 - Cupid has announced that in H1 2014 the adjusted EBITDA loss was reduced to £2.8M (H2 2013: £3.3M). The company plans to launch both an innovative new mobile matchmaking app, 'Tangle', and Uniform Dating in the US on a new platform. The management expect the company to be cash generative in the Q4 2014.
PR NEWSWIRE - Aug 8 - LoveBeginsAt is an exclusive lifestyle and dating platform for 40+ singles looking to find like-minded people. Through a partnership with events planning startup Dishcrawl, members can quickly connect offline.
The full article was originally published at News9.com, but is no longer available.
HERALD SCOTLAND – May 23 – Cupid posted a pre-tax loss of £8M for 2013 after a profit of £9.2m in 2012. Former CEO Bill Dobbie took home £199K for his 11 months CEO tenure in 2013, compared to £596K in 2012. His replacement, Phil Gripton received a salary of £18,750, benefits of £1,300 and a £50,000 bonus, totaling just over £70,000 in compensation for December 2013.
THE SCOTSMAN - May 3 - Kestrel Opportunities fund bought 1.4M shares to increase its stake to ~14.5%. The increase in Kestrel’s stake comes after Toscafund recently sold its entire 16% holding in Cupid.
THE SCOTSMAN - Apr 20 - Phil Gripton was promoted in December to replace founder Bill Dobbie as Cupid's new CEO. Phil was forced to move quickly to recover ground lost when the company was accused of using fake profiles. Investors were becoming twitchy. From flotation on the Alternative Investment Market in June 2010, shares soared from 60p to 250p by Sep '11. But they have since plunged below 50p and last week traded at 43p. Phil wants the company to focus on a dating market that embraces social events such as wine tasting and cookery sessions.
THE SCOTSMAN - Apr 15 - Toscafund has sold its entire 16% holding (11.2M shares, worth £5.1m) in Cupid. Cupid CEO Phil Gripton said he was not aware of the reason for the share sale. Cupid floated in June 2010, and fell to a £2.8M loss last year.
OPW - Apr 2 - 2013 has been a challenging year for Cupid plc with negative press on both Cupid and the online dating industry. In July Cupid completed the disposal of the casual assets removing ~70% of their revenue. Revenues including discontinued operations fell 31% to £56.1M (FY 2012: £80.9M) and adjusted EBITDA fell to £0.5M. Stripping out the discontinued operations, revenue for the continuing business was flat at £26.6M (FY 2012: £26.7M).
PRESS RELEASE - Feb 24 - Sprylogics, a technology provider of local mobile search and messaging solutions for consumers and businesses, has signed an agreement with Cupid. Cupid will integrate Sprylogics' Poynt-Enabled SDK to allow mobile users to find, discuss and book local activities, like movies, events and restaurants, without leaving the app.
The full article was originally published at WSJ, but is no longer available.
HERALD SCOTLAND - Dec 13 - Phil Gripton, CEO Cupid, has brought in a slew of senior staffers and is refocusing the company on its core markets and on improving customer service. He is also putting the finishing touches to a relaunch of its flagship Cupid brand. He added: "The process is about simplifying the things that we do and focusing on key markets." This will see the company's efforts concentrated on UK, US, France and Germany. Other regions, such as the Nordics, will get less attention.
TELEGRAPH.CO.UK - Nov 25 - Bill Dobbie, Cupid's CEO, is stepping down after a difficult year that has seen the share price collapse following an investigation into its practices. He will be replaced by Phil Gripton. Mr Dobbie, who retains a 21% stake in the company, will remain on the board as a non-executive director. Phil Gripton was previously the managing director of dating services. The company’s shares traded as highly as 200p at the start of this year; they have since fallen to 57.1p.