8th of June 2011 Author: Glo Wood
Betfred plans to expand internationally while remaining focused on the existing business
According to the business daily CityAM.com, Betfred will get together with UK Tote management in order to discuss future business opportunities and developments following its recent acquisition of the British company.
As a key aspect, Betfred's founder Fred Done underlines the intention to expand the Tote pool to the international markets such as South Africa, France and Hong Kong with the aim to improve liquidity. However, he adds that revitalization of the existing scope of business remains very important.
Done will keep the position of the Chairman of the company as agreed with the bank financing the deal, while a new chief executive operations officer will be hired.
The issue of re-branding will also be discussed as there have been some speculations that Tote's betting shops will be rebranded by Betfred, while the racecourse sites should keep the Tote brand.
The newly merged company will boast 9000 employees and 1350 stores. Completion of all activities is expected within the next month. According to the UK bookmaker's assurance, any redundancies (which should not exceed 150) will take place at a head office level during the year following the merger.
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