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Sumo Group takes on Newcastle studio of CCP Games via an asset purchase agreement

The video games services firm said its primary business Sumo Digital Ltd took on the Newcastle studio, including all 34 staff, on Monday
Video games playing
Sumo Group said this was the opportunity to open a new studio referred to in its AIM admission document dated 15 December 2017

Recently listed video games developer Sumo Group PLC (LON:SUMO) said it has taken on the Newcastle studio of CCP Games through an asset purchase agreement for a nominal cash consideration. 

The group said this was the opportunity to open a new studio referred to in its AIM admission document dated 15 December 2017.

READ: Games developer Sumo Digital prices AIM IPO at 100p per share

The video games services firm said its primary business Sumo Digital Ltd took on the Newcastle studio, including all 34 staff, on Monday.

Sumo began trading on AIM on December 21 after an initial public offering at 100p a share which valued the firm at an initial £145mln. In afternoon trading today, Sumo shares were offered at 114.88p each, unchanged from last Friday’s close.

Sumo’s chief executive officer, Carl Cavers said: "Our experience of opening the Nottingham Studio in 2016 shows us that expansion into a new location opens the door to a whole new pool of talent, a crucial element in our growth plans."

He added. "Both organisations were keen to keep the Newcastle team together and we were very pleased to complete the transfer at the start of our new financial year and first full year as a publicly listed company."

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