Boylesports to bid for Ladbrokes, Coral shops
Boylesports is to make a £100 million (€118 million/$130.9 million) bid for 360 UK betting shops that are being sold by Ladbrokes and Gala Coral to meet regulatory requirements over their merger.
The Irish bookmaker told the Irish Sunday Business Post newspaper that it is currently reviewing its bid, and will make a formal offer by this Friday’s deadline.
Ladbrokes and Coral are being forced to sell around 400 shops to satisfy the Competitions and Markets Authority (CMA) ahead of their proposed £2.3 billion merger.
Betfred, which bought the Tote for £265 million five years ago, has long been considered the favourite to buy the bulk of the shops, but Boylesports said that it wants to use the opportunity to add to its existing 212 UK outlets.
“The plan is to expand our regional presence in Britain,” Jenna Boyle, Boylesports’ retail director, told the Sunday Business Post.
“What we would like to happen, would be an acquisition of the larger scale.
“The Gala/Coral-Ladbrokes merger presented an opportunity for us which we definitely need to look at, so we’re driving that process.”
“It would establish us in the UK. It’s fairly early doors, we’re at the starting line with it.”
Related article: CMA confirms shop closure requirement for Ladbrokes-Coral deal