Unforeseen difficulties have hit Cherry AB recently, but as iNTERGAMINGi discovers this is a group that continues to push forward in the quest for growth regardless of setbacks
When compiling a corporate wish list of hopes for the year, it’s fair to suggest that the removal of the CEO following accusations of insider trading is featured a long, long way down.
Cherry AB had hardly had things run completely smooth in the lead-up to Anders Holgren’s arrest and swift, efficient subsequent exit through the doors of the Stockholm-listed gaming firm.
The acquisition of the acquired ComeOn asset – at €280m, the company’s biggest purchase to date – proved to be trickier than expected when it came to integration.
Jonas Wahlander left as managing director of Cherry’s online gambling division in October, 2017, and a new management team was put in place for ComeOn as the focus was placed on stronger growth. “The process of integrating ComeOn has not been implemented according to plan, and the delay that occurred during the summer, combined with erroneous marketing decisions, contributed to higher costs and a weaker earnings trend than planned,” Cherry stated in a market update in November of last year.
