Bookmakers Betfred completes £195m refinancing

Business News,Features

Fred and Peter Done founded Betfed in 1967, Betfred is one of the country’s best known bookmakers, employing more than 10,000 staff across over 1,400 licensed betting shops.

And today Betfred has completed a £195m refinancing package.

It comes as the company refinances its existing facility and funds the £55m acquisition of 322 betting shops from the Ladbrokes and Gala Coral Group merger.

KPMG Debt Advisory advised the Warrington-based bookmaker and the senior debt package has been provided by a four-bank club comprising RBS, Barclays, Lloyds Bank and Yorkshire Bank.

The business operates across multiple gaming channels; in-shop, online, mobile, telephone and on course.

For the financial year ending September 2015, the business recorded revenues of £10,435.3million and EBITDA of £56.4million.

Nicola Barr, financial director at Betfred, said: “It was great to have strong support from the local banking community to support the company in this significant transaction.”