Latest Share Chat

LAD.L Share News (LAD)

LAD.L Information

There is currently no data for LAD

Ladbrokes and Coral announce planned sale of 359 shops

Mon, 17th Oct 2016 07:13

(ShareCast News) - Bookmaker Ladbrokes announced on Monday that subsidiaries of both itself and merger partner Gala Coral Group have agreed to sell a total of 359 licensed betting offices to Done Brothers Cash Betting - trading as Betfred - and StanJames Abingdon - trading as Stan James.The FTSE 250 firm said Betfred will purchase 322 shops for a cash consideration of £55m, and Stan James will purchase 37 shops for a cash consideration of £0.5m.It said the exchange of contracts remained conditional upon the approval of the Competition and Markets Authority, and the completion of the merger of Ladbrokes and the Coral Group.The combined consideration of £55.5m for the sale of the 359 shops would be payable to each of the vendors in proportion to the profitability of the shops, with Ladbrokes giving its intention to use the consideration it receives to repay debt.In total, 185 shops will be sold from the Ladbrokes chain for an expected consideration of £29m, and 174 shops will go from the Coral chain for around £26.5m."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," said Ladbrokes chief executive Jim Mullen.The shops generated fully costed EBITDA - including an estimated allocation of retail back office costs - of £16.8m in the year to 31 December 2015, resulting in an EBITDA consideration multiple of 3.3x.Ladbrokes said the disposal will be slightly dilutive to both its and the enlarged group's earnings.On 26 July, the CMA published its final conclusions into the merger in which it stated that it could proceed subject to the divestment of 350 to 400 shops, and that completion of the merger could occur when the shop divestment process was substantially complete.The CMA will now decide if it will approve the merger upon the exchange of contracts for the sale of the shops to Betfred and Stan James.Once approval has been received, Ladbrokes and the Coral Group will seek the CMA's consent to complete the merger, "subject to the divestiture of one remaining shop", Ladbrokes' board said.

More News

17 Mar 2016 16:17

Dividends Calendar - Week Ahead

16 Mar 2016 14:20

Ladbrokes, William Hill Up On Changes To Remote Gaming Duty Rules

16 Mar 2016 14:04

Shares in UK gambling groups rise as no new taxes unveiled in budget

LONDON, March 16 (Reuters) - Shares in British gambling companies such as Ladbrokes and William Hill rose on Wednesday, with traders citing relief that the British budget did not unveil any strict, new taxes on the sector. "No tax hikes, so positive for the sector," said Securequity sales

13 Mar 2016 15:18

Sunday newspaper round-up: Budget, Sainsbury's, Virgin Media, Reuters

(ShareCast News) - George Osborne look to grab as much as £20bn to fill shortfalls in his Budget this Wednesday, making deep cuts in public spending, an increased insurance premium tax and other new or increased duties and taxes, while also looking to cut taxes for North Sea oil producers. The Sunda

7 Mar 2016 20:40

Soccer-Leicester fan accepts 72,000 pounds offer on 5,000-1 bet

LONDON, March 7 (Reuters) - An anonymous gambler has pocketed 72,000 pounds ($102,715) after cashing in on a 50-pounds bet he wagered at the start of the season on Leicester City winning the Premier League at odds of 5,000-1. The Leicester fan decided to take the offer from a British bookma

4 Mar 2016 08:26

UBS downgrades William Hill amid increasing competition

(ShareCast News) - William Hill was under the cosh on Friday after UBS downgraded the stock to 'sell' from 'buy' and slashed the price target to 365p from 410p as it pointed to an increasingly competitive backdrop. "We believe that, with consolidation in the industry, and with a re-vamped Ladbrokes

3 Mar 2016 08:10

Ladbrokes Says Gala Coral Posts Net Revenue And Earnings Growth

3 Mar 2016 07:37

Thursday newspaper round-up: National Grid, Rolls-Royce, bookmakers

(ShareCast News) - The energy regulator Ofgem is to be handed sweeping new powers to manage the country's electricity supplies, switch off factories and request emergency back-up generation, under energy market reforms being considered by Whitehall. Documents seen by The Times show ministers are con

2 Mar 2016 16:46

UPDATE 1-Cruz gains in online betting, Trump still Republican favorite

(Adds Ladbrokes odds) March 2 (Reuters) - Ted Cruz's Super Tuesday victories in his home state of Texas and neighboring Oklahoma strengthened his odds for the Republican presidential nomination on online betting sites but he still trails far behind Donald Trump. On PredictIt.com, oper

2 Mar 2016 09:35

BROKER RATINGS SUMMARY: Goldman Cuts Pearson To Sell From Neutral

24 Feb 2016 17:33

UPDATE 1-Online bettors see Donald Trump as odds-on Republican nominee

(Adds data, recasts first paragraph, adds NEW YORK to dateline) NEW YORK/LONDON, Feb 24 (Reuters) - Donald Trump's chances of winning the Republican nomination for the White House shot to a record high at online betting sites around the world on Wednesday after his latest victory in voting

24 Feb 2016 17:20

CORRECTED-British bookmakers slash odds on Trump taking Republican nomination

(Corrects Rubio's first name in fourth paragraph to Marco from Mark) LONDON, Feb 24 (Reuters) - British bookmakers on Wednesday slashed the odds on businessman Donald Trump winning the Republican nomination to run for the U.S. presidency after his latest victory in the Nevada caucuses. <

23 Feb 2016 15:01

FTSE 250 movers: Meggitt keeps index flying in the black

(ShareCast News) - In contrast to its older sibling, the FTSE 250 was in the black on Tuesday afternoon, up 16.35 points (0.10%) to 16,305.15. Meggitt led the pack after it posted a small rise in 2015 pre-tax profit and lifted its dividend despite what it referred to as a challenging year. For the

23 Feb 2016 13:51

Tuesday broker round-up

(ShareCast News) - HSBC: JP Morgan reiterates underweight with a target price of 410p and UBS stays at buy, 490p target. Just Eat: Investec reiterates buy with a target price of 435p. Glencore: Exane BNP Paribas keeps at outperform with a target of 145p. Ashmore Group: UBS starts coverage at neutr

23 Feb 2016 13:51

Latest Share Chat

LAD.L Share News (LAD)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Ladbrokes and Coral announce planned sale of 359 shops

Login to your account

Quickpicks are a member only feature

Login to your account