Neil Goulden, Chief Executive of Gala Coral, has called a potential £5.5 billion floatation “inevitable” and is looking at late 2007 as a possible date.
“We are massively cash generative and our growth portfolio makes us attractive,” he said. “We have had lots of public funds asking to see us so there’s clearly appetite there.”
Gala acquired Coral in October 2005 in a deal worth £2.2bn and spent the last six months integrating the two businesses creating Europe’s biggest betting and gaming group.
“There’s no doubt that our investors are feeling pretty bullish about things at the moment. My personal view is that we have lots of opportunities that we need to focus on,” added Goulden.
Coral\’s immediate plans include the purchases of two more betting chains along with a number of small businesses and new licenses as the company looks to add to its 1,363 existing outlets ahead of the floatation.
In separate news, the Racing Post reported punters were reassured that £200,000 in outstanding winnings would be paid as it emerged that betting business Best Bet John has been managed by Ron Lloyd, the disgraced front man of Bowman Racing, which crashed in 1997 leaving a trail of unpaid bets.
John Claridge, 62, has comeout of semi-retirement to take over the reins of the troubled telephone betting firm.
“Ron Lloyd has taken me for a right mug, but although some punters are screaming for their money, I am sorting everything out and everybody will get paid,” said Claridge who, trading as William Claridge, has ten betting shops and has been in business for 43 years.
“I am going to see the bank manager on Friday and borrow the money to clear every debt, but I just need people to bear with me. I am an hourable man, nothing like this has ever happened to me before, and I would rather sell my house than knock anyone,” he added.
Elsewhere, 3BWin is being launched in a number of markets across Europe including England, Belgium, Denmark, Finland, France, Germany, Holland, Italy, Norway, Portugal, Spain, Switzerland and Sweden. The company, which is licensed in Malta, is a co-operation between Hattrick, one of the world’s largest soccer communities with over 800.000 active users, and the 3B gaming/betting community with over 10.000 active users.
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