Ladbrokes-Coral offers stores to Betfred and Stan James

17 October 2016

Ladbrokes and Coral have consented to sell 359 shops to rival wagering companies in what they state is the "last significant hurdle" for their ₤ 2.7 bn merger.

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

Competition regulators ruled in July that Ladbrokes and Coral should sell 350-400 buy their merger to be cleared.

The Competition and Markets Authority (CMA) will now assess the shop offers, external.

Jim Mullen, the chief executive of Ladbrokes, said: "The sale of these shops will clear the last considerable obstacle to providing on the merger with Coral and paves the method for our concentrate on completion and quickly providing on the opportunities the merger offers."

The 2 bookmakers stated they would look for approval from the CMA to complete the merger once they bet9ja's welcome offer one more store.

Market leader

Ladbrokes and Gala Coral are the UK's second and third biggest retail wagering companies, behind William Hill.

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

A merger in between the two would make them the UK's largest 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 strengthen its online offering.

It was commonly reported, external over the weekend that William Hill plans to press ahead with the ₤ 4.5 bn bet9ja's welcome offer in spite of misgivings from its largest investor.

Ladbrokes-Coral must sell 350-400 stores

26 July 2016

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Investors - Ladbrokes plc