Bookmakers to buy 359 shops from merging rivals

WARRINGTON-based book maker Betfred and Stan James are to buy 359 betting shops from Ladbrokes and Gala Coral Group.

Betfred is buying 322 outlets for £55m and James will take 37 shops for a total of £500,000. The deal is subject to approval from the Competition and Markets Authority and the finalisation of the pending merger of Ladbrokes and Coral.

Jim Mullen, chief executive of Ladbrokes, said: “The sale of these shops will clear the last significant hurdle to delivering on the merger with Coral and paves the way for our focus on completion and quickly delivering on the opportunities the merger offers.”

Some 185 Ladbrokes branches and 174 Coral branches are part of the transaction.

The CMA told Ladbrokes and Gala Coral in July their merger could proceed subject to the divestment of 350 to 400 shops.

A team led out of Gateley Plc’s Manchester office acted for Betfred.

The team was led by corporate partner Charles Glaskie and corporate senior associate Stephen Roberts, assisted by commercial partners Andrew Evans and Peter Budd.

Darren Hughes, real estate partner, led on all real estate matters.