Ladbrokes quits Italian market

LADBROKES has agreed to sell its Italian retail betting and gaming business Itali for €5.25m (£4.61m).

Italian gaming group Cogetech will take over the business after its cash offer.

In 2009 the Italian retail business made a loss of £9.9m and at 31 December 2009 the carrying value of the business was £26.7m.

The Italian retail business consisting of its head office in Milan, 82 shops.

Ladbrokes decided to quit the Italian market in August last year after revenues failed to meet expectations.