Ladbrokes & Gala Coral to sell 322 betting shops for £55.5m

Ladbrokes and Gala Coral are to sell 322 betting shops to Betfred for £55m, and further 37 sites to Stan James for £0.5m.

The outlets generated fully costed EBITDA (including an estimated allocation of retail back office costs) of £16.8m in the year to 31 December 2015.

Commenting on the sale 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.”