Ladbrokes-Coral Sells Shops to Betfred and Stan James

Ladbrokes-Coral sells stores to Betfred and Stan James

17 October 2016

Ladbrokes and Coral have consented to sell 359 stores to competing wagering companies in what they say is the “last considerable obstacle” for their ₤ 2.7 bn merger.

Betfred, owned by billionaire Fred Done, will purchase 322 shops and Stan James the other 37 for an overall of ₤ 55.5 m.

Competition regulators ruled in July that Ladbrokes and Coral need to offer 350-400 purchase their merger to be cleared.

The Competition and Markets Authority (CMA) will now examine the shop deals, external.

Jim Mullen, the president of Ladbrokes, said: “The sale of these shops will clear the last significant hurdle to delivering on the merger with Coral and leads the way for our focus on conclusion and quickly providing on the opportunities the merger provides.”

The two bookies said they would seek approval from the yohaig code CMA to complete the merger once they sell one further shop.

Market leader

Ladbrokes and Gala Coral are the UK’s 2nd and third biggest retail wagering firms, behind William Hill.

Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in .

A merger in between the 2 would make them the UK’s biggest High Street bookie.

However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competition and reinforce its online offering.

It was extensively reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn deal despite misgivings from its biggest investor.

Ladbrokes-Coral need to offer 350-400 shops

26 July 2016

William Hill financier snubs merger strategy

14 October 2016

Investors – Ladbrokes plc