Ladbrokes and Coral to Sell Betting Shops Ahead of Merger

Betting giants and bookmakers Ladbrokes and Coral have agreed to sell 359 betting outlets to complete their estimated £2.3-billion merger. The merger will only be completed once the companies have sold the high street betting shops to Stan James and Betfred in a £55.5 million deal.

Betfred will purchase 322 of the high street betting shops for £55 million while Stan James will acquire 37 shops for £500,000.

Combined, the two betting giants manage up to 3 700 betting shops, which earned £16.8m last year before interest, taxes, amortisation and depreciation.

It has been announced that Coral will sell 174 of these shops, while Ladbrokes will sell 185. The deal has been established to satisfy the Competition And Markets Authority to prevent a monopoly of local areas. Both companies will receive an amount matching the profitability of the shops and use the money to settle their debt.

Once the merger is complete, the newly formed Ladbrokes Coral will become the largest chain to operate high street betting shops in the UK and will hold a market share of 45%.

October 19, 2016: posted in Casino Info No Comments

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