Betfred says it is ready to purchase Tote
The Wigan based business, Tote, which is a state owned operation is awaiting a decision regarding its sale.
The state made it known to the public that it plans to sell Tote in the month of June 2010. As of now, only two parties remain at the top of the pack to be the next owner of the enterprise. These two top contestants are Bookie Betfred and a consortium that
Sir Martin Broughton is leading.
The consortium has a sound standing and a good chance of winning the race of the ownership of Tote. It comes with the credibility of Sir Martin Broughton, who is the chairman of British Airways. On the other hand, Betfred is a business based in Wigan and
has considerable experience in similar businesses as Tote.
Betfred has been involved in this business for more than 40 years now. It has the required skills, experience and expertise to manage a business operation of Tote’s nature. Betfred already has 800 betting shops that it operates. If it is successful in purchasing
Tote, the acquisition will further compliment its business.
The bid for Tote that Betfred has made approximately equals the figure of £200 million. Betfred made some information public today regarding the proposal made to the government dealing with the purchase of Tote.
Fred Done who is the executive chairman of Betfred made the following statement regarding the acquisition of Tote and its business suitability.
He said, “Betfred is the best possible business partner for racing as it is best placed to unlock the value of the Tote… We have a 40-year track record of delivering growth and creating jobs. We want to buy the Tote because we want to grow and develop all
of its component parts; and, in the long-term, I believe the pool business will be the most important of those.”
Done also added that Betfred is completely ready to make a deal regarding the transfer of ownership of Tote with the government. Betfred has met with all the requirements that had been mentioned and all the related financial concerns have been dealt with.
Tags: