Government prepared to sell off parts of UK Tote instead of as a whole
The on-again-off-again sale of the UK Tote has taken a new direction this week with the news that the UK Government is prepared to sell off parts of the operation instead of as a whole operation.
Reports in the British media suggest that the Government is willing to accept bids for just the retail side of the operation which comprises of 517 betting shops and on-course betting (Totesport).
Interested parties were contacted last week and presented with information documents by the Investment Bank facilitating the sale, Lazards. Betfred, Gala Coral, Sportech and William Hill were among those approached.
The deadline for first bids is 10 December 2010 and it is estimated that the Tote could fetch in the region of GBP 200 million.