The conclusion of the protracted sale of the Tote could see up to 150 jobs axed

The conclusion of the protracted sale of the Tote could see up to 150 jobs axed from the betting group formerly owned by the Government.

A £265million wager from bookmaker Betfred has ended one of the longest privatisation processes ever seen.

The Warrington-based firm, founded by brothers Fred and Peter Done, saw off Sports Investments Partners, a consortium led by British Airways chairman Sir Martin Broughton, to end a process that has been on and off for more than 10 years.


High stakes: The Tote deal will see the number of Betfred shops increase from 840 to 1,350

Billed as ‘the flat caps beating the top hats’, the offer reduces down to a net £180million after £25million in pension contributions and debt repayments.
The Government said it will return £90million to the racing industry, leaving the other half for the taxpayer. 

 

The new owner has promised no more than 150 jobs will go from duplicated head-office roles in the combined group.
The deal will see the number of Betfred shops swell from 840 to 1,350.

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