| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Coral planning float amid gambling stock glut fears
- Tuesday, 2 Aug 2005
The owners of Coral Eurobet, Britains third-biggest bookmaker, are preparing to cash out at the top of the gaming market with plans for an 800 million flotation, which could be launched later this year. The stock market launch is being planned as concern mounts in the betting community of an oversupply of gambling stocks at a time when the gaming industry is anticipating a threat from Olympics-related lottery games.
Coral Eurobet, which has 1,260 betting shops across the UK, appointed Lehman Brothers, the investment bank, at the end of last week to advise on a potential float that would value the business at 2 billion, including its 1.2 billion of debt. Vaughn Ashdown, the chief executive, is believed to have made more than 50 million from his stake in the business and previous refinancings. Together the management team owns 16 per cent of Coral Eurobet, worth an estimated 128 million. | |
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