Scotbet Bought Out by Its Management

The deal includes 65 retail shops and an internet operation This week's news include a report of a management buy-out of Scotland's largest independent bookmaker, Scotbet, which has been on the market for 12 months since its Edinburgh-based owner, Festival Group, suffered significant losses due to the economic crisis. It has been reported that the deal includes the 65 outlets in Scotland and its online betting site, bought for an undisclosed sum. In addition, former chief executive Kenny Waugh will not keep the position. According to the company's incoming chairman John Heaton, a reputable consultant in the industry, the plan is to expand the business, especially in regards to online activities. He also stated that Scotbet remains a good investment, even though it has significant competition in the three major betting shop operators - William Hill, Ladbrokes and Coral - and the shift of online gambling to lower-tax offshore businesses. In conclusion, he said:: "There are a lot of offshore businesses which are very successful, but this company is licensed by the UK Gambling Commission with 65 high street outlets. "This is a small, well-run group which is profitable and it's a good opportunity to expand."