In order to comply with the wishes of the mergers authorities in the UK, gambling groups Gala Coral and Ladbrokes have agreed to sell 359 of their betting shops to Betfred and Stan James.
The Betfred deal consists of 322 shops for £55m and Stan James has bought 37 shops for £500,000.
The sale of the shops is necessary for the completion of the merger between Gala Coral and Ladbrokes and is subject to the approval of the Competition and Markets Authority.
In the year to December 31, 2015, the shops generated profits of £16.8m.
The Competition and Markets Authority had demanded the sale of 350 to 400 of the combined companies’ shops in order to approve the merger.
