Ladbrokes and Gala Coral Announce Merger Deal
The betting firms Ladbrokes and Gala Coral have announced a deal to merge and form a £2.3 billion gambling giant, the largest bookmaker in the UK.
The combined group will have almost 4,000 betting shops and close to 30,000 employees and as a result it will overtake William Hill as Britain’s biggest bookmaker. However, first it will have to sell off some outlets in order to satisfy concerns from the competition authorities.
The new company is to be called Ladbrokes Coral and it will be listed on the London stock exchange. However, both sets of betting shops will remain on the high street under their current branding. At present Ladbrokes has 2,100 betting shops while Coral has 1,845. William Hill has around 2,300. It is expected that the new group will have revenues of £2.1 billion and underlying profits of £392 million.