LONDON (Alliance News) - Betfred is thought to be nearing a deal to buy hundreds of betting shops set to be sold off as part of the merger of bookmakers Ladbrokes PLC and Gala Coral Group Ltd, The Sunday Times reported.
Betfred, owned by brothers Fred and Peter Done, is understood to have edged out Ireland's BoyleSports and other rivals to buy the 400 stores that Ladbrokes and Coral must sell to secure competition approval for their GBP2.3 billion merger, City sources said, according to the newspaper.
Betfred is the fourth-largest bookmaker on UK high streets, with many of its 1,400 shops acquired when it bought government-owned bookie Tote in 2011.
http://www.thetimes.co.uk/article/betfred-the-favourite-in-race-for-ladbrokes-and-coral-shops-30x93txkc
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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