BoyleSports is taking its concerns over the Ladbrokes and Gala Coral sale to the CMA

Rebecca Smith
Ladbrokes and Gala Coral are selling 359 to complete their merger
Ladbrokes and Gala Coral are selling 359 to complete their merger (Source: Getty)

BoyleSports isn't very happy with the announcement that Ladbrokes and Gala Coral are selling 359 betting shops to Betfred and Stan James.

In fact, it plans to take its concerns to the Competition and Markets Authority (CMA) and review its options on what the next steps are, after its bid for the shops was unsuccessful.

Read more: Ladbrokes and Coral ordered to sell 400 shops

BoyleSports said in a statement that it was "disappointed Ladbrokes and Gala Coral have decided to sell their 359 shops to existing UK retail competitors".

"The BoyleSports bid was higher than the reported sale price, was fully-funded, was cognisant of the changing political and regulatory UK landscape and could have been completed within two weeks of acceptance."

BoyleSports added that the decision not to allow a challenger brand onto the UK high street would be "bad for retail consumers who would have benefited from the keen pricing and excellent service already available to our existing Irish retail customers and to online customers in Ireland and the UK".

Earlier today, it was announced Ladbrokes and Gala Coral were selling the shops in question for £55.5m to UK-based rivals. They had been told in July they must sell around 350 to 400 shops in order to obtain clearance for their proposed merger.

Read more: Gala Coral stays in the red in last results before Ladbrokes deal

Under the shop sale deal, which rests on the merger going through, rival bookmaker Betfred will buy 322 shops for £55m and Stan James will pick up 37 for £500,000.

BoyleSports had made its intent clear in August - it sought to buy 360 shops, with reports at the time saying for around £100m. It planned to expand its regional presence in Britain and the purchase of the Ladbrokes and Gala Coral shops would have marked the first expansion for the firm outside of Northern Ireland and the Republic of Ireland, where it operates over 200 shops.

Related articles