Betfred win battle to purchase 360 outlets from Ladbrokes & Coral
As expected, Betfred will soon acquire 360 shops from Ladbrokes and Coral, say The Irish Independent.
Betfred, based in Manchester, were the main contenders for the purchase of the betting shops and, back in December 2015, the founder of the company Fred Dawn explained how his company were ready to take around 500 new outlets on board.
At the start of August 2016, Irish bookmaker Boylesports filed an application to acquire the 360 outlets from Ladbrokes and Gala Coral, offering them £100m (more than $132m).
Betfred currently has a total of 1370 outlets in the UK and in 2011 the company acquired British business The Tote for £265m ($341.5m at the current exchange rate).
Earlier, Ladbrokes and Gala Coral agreed to fulfill the requirement of the UK gambling regulators by selling 350-400 betting shops following new restrictions.
Ladbrokes and Gala Coral announced the merger of their assets in June 2015 with the new company estimated to be worth $3.5 billion.
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