Done in Name Only: BetFred On Verge Of Ł600M Flotation

2007-08-26

Britains largest independent bookmaker, BetFred has hired investment bank NM Rothchild to review their business. With 700 betting shops and ranking only behind the big three U.K bookmakers – Ladbrokes, William Hill and Coral, coupled with the volatility in the gaming market have led analysts to believe that a flotation of nearly 600M pounds may be in the cards.

A company source stated that company co-owner Fred Done “does not like to stand still”, noting that while many potential acquirers may welcome a trade or an out-right sale, it would not be the most likely scenario for the eclectic co-owner. With the company keeping with a large-growth model – opening over 75 sites a year, the bookmaker would have roughly 1,000 shops by 2012. Talks are also underway to expand out of Britain, with Spain the likely first outside location.

Done, one of bookmakings most colorful characters is well known for cashing out early on Manchester United to win the Premier League in 1998, only to see Arsenal emerge as the victor – a decision which cost the company over 500,000 pounds.

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