Sale of Tote postponed
October 23, 2008 by mbates
The proposed sale of the state owned Tote this autumn has been placed on hold indefinitely due to the current state of the UK and global economy. The UK Sports Minister Gerry Sutcliffe said the Tote would only be sold at a time when the correct market value could be achieved and would deliver value to the UK tax payer.
Mr Sutcliffe said “It is right that the Tote is now given time to grow the business so that any future sale will achieve maximum value. In particular, I would expect the Tote and racing to continue to work closely together for the benefit of the sport and the punter. The government would like to place on record again its warm appreciation of the loyalty and dedication of the Tote and its staff whilst its future has been under consideration”
The Tote has over 450 shops and has a workforce of 4,500 employees; it also has a major presence on the 59 racecourses around England, the Tote has been valued at just over £400 million by Pricewaterhouse Coopers. Some of the potential bidders for the Tote who have expressed an interest include Gala Coral, Betfred and Sportech plc who have recently taken over operation of the Football Pools.
