Gala Coral set for flotation, report claims

Gala Coral set for flotation, report claims

Monday, March 16, 2015 Totally Gaming

Gala Coral is set to launch an initial public offering after the UK general election this year in a flotation that could value the bookmaker at £2bn (€2.7bn/$3.1bn), according to a report today (Monday) in the Financial Times newspaper.

The report, citing a ‘person familiar with the matter’, said that the IPO was planned for October as long as market conditions are favourable.

Gala Coral has long been linked with listing on the London Stock Exchange. Since 2010 it has been owned by a series of investment funds, including Anchorage Capital Partners, Apollo Global Management, Cerberus Capital Management and Park Square Capital.

The newspaper added that Gala Coral is being advised by Goldman Sachs and Morgan Stanley, but the two organisations have not been formally appointed to lead an IPO yet.

Earlier this month, Gala Coral announced impressive trading figures in the first quarter of the 2014-15 financial year, with gross profit increasing by five per cent to £267m.

In the 2013-14 financial year, the company posted total sales of £1.24bn and EBITDA of £264m.

Following William Hill and Ladbrokes, Gala Coral is the third largest UK bookmaker with more than 1,800 betting shops.

The company is not commenting on the report currently.

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