Betfred appoints Rothschild to sort out succession plan

THE owner of Warrington-based bookie Betfred has appointed investment bank Rothschild to look at the possible sale or floating of the company.

Fred Done, who founded the independent company 50 years ago with his brother Peter, is reported to be keen to sort out a succession plan because none of his children are interested in taking over the company, said the Mail Online.

Done has other businesses in the property, digital marketing and truck stops sectors and is believed to be worth about £1.3bn.

He called Rothschild in for a strategic review in 2007 when he planned to float the firm, but he later changed his mind.

But with the industry facing steeper taxes, tighter regulation and a possible clampdown on fixed odds betting terminals, Done is understood to be considering his options.